OREANDA-NEWS. October 31, 2008. In order to maintain utmost transparency and comply with international public company standards, VTB continues to hold regular meetings of the Bank’s top management with its minority shareholders, reported the press-centre of VTB.

The second meeting with VTB shareholders took place in the Congress Hall of the Cosmos Hotel in the framework of the Bank’s information policy.

The meeting was attended by more than 60 VTB shareholders. Mikhail Kuzovlev, VTB First Deputy Chairman, Yuri Soloviev, Head of VTB Group Investment Banking and Senior Vice President, Nikolai Tsekhomski and Olga Dergunova, both Members of the Management Board, addressed the audience.

At the meeting, VTB leaders described the current economic situation both in the world and Russia, commented on the global financial market dynamics and outlined the tasks and challenges VTB will face in the near future.

”Despite the crisis, VTB’s decision to aggressively develop its investment business, has not changed”, pointed out Yuri Soloviev, Head of VTB Group Investment Banking in his review on Reality of Global Financial Markets in 2008. “After a few months’ work, there is a pipeline of large investment projects in our investment portfolio, and we are still confident we can create one of the strongest investment banks in the Russian and CIS market under VTB brand”.

Citing Nikolai Tsekhomsky, CFO, “even during the global financial turmoil, VTB Group continues its ordinary course of business and is accumulating a share of customer deals, primarily lending, in its loan portfolio. Thus, the Bank provides financial support to key Russian industries, simultaneously reducing the impact of securities trading on its performance.”

In her address, Olga Dergunova, Head of Second Corporate Block, stated that crisis urged the Bank to develop a more selective approach to customer lending, taking into account such factors as loan repayment term, risks and funding costs involved, as well as margin. According to Olga Dergunova, “VTB, however, regards the current crisis environment as an opportunity to enhance its performance and to lay foundation for further expansion of corporate business, primarily, through improving the product range and offering new investment banking products to customers.”

In the course of the meeting, VTB shareholders and management also discussed the Bank’s current activities and business development, as well as prospects for increasing its equity value and improving relationships with minority shareholders. The discussion also covered a wide range of issues related to the measures taken by the Russian Government to counter the crisis in the world economy.

To conclude, Mikhail Kuzovlev observed that VTB, being a backbone bank, had been actively participating in the government support to the Russian industry and the interbank lending market. “We have every reason to believe that our multi-faceted business, best knowledge of Russian environment, government participation in the equity and strong relations with the leading Russian companies in major economy sectors will enable the Bank to successfully develop even in the complex financial environment”, Mikhail Kuzovlev said.