OREANDA-NEWS. On October 16, 2007 VTB’s Supervisory Council approved the proposal submitted by VTB’s Management Board to further integrate the business of OJSC VTB Bank North-West into the VTB Group, reported the press-centre of VTB.

In particular, the integration plan provides for maintaining the offer to buy out minority stakes in OJSC VTB Bank North-West for RUR 41,72 per share and/or swap them for VTB’s shares at the conversion ratio of 1 to 361 as previously approved.

A formal offer is planned to be sent to minority shareholders of OJSC VTB Bank North-West.  The timeline for the offer will be announced in due course.

Also, the Supervisory Council has decided to open a VTB Bank Representative Office in the Republic of Kyrgyzstan.