OREANDA-NEWS. October 21, 2010. The Board of Directors of Russian Railways preliminarily approved the sale of a 10% stake in TransCreditBank to VTB Bank, reported the press-centre of RZD.

The sale price per share will be not less than 17.17 roubles, based on a valuation by the independent appraiser Rossiskaya Otsenka, although the final sale price will be based on financial statements of TransCreditBank drawn up according to International Financial Reporting Standards as of 31.12.2010.

The Board instructed the President of Russian Railways to notify the Russian Government about the completion of the transaction.
 
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The Open Joint Stock Company TransCreditBank is a subsidiary of Russian Railways, which holds a stake of 55%.

In terms of key financial indicators, TransCreditBank consistently ranks among the twenty largest credit organizations in Russia.

TransCreditBank customers include the 17 regional railway lines which are divisions of Russian Railways, as well as the majority of domestic enterprises and organisations in the rail sector.

TransCreditBank regional network includes more than 300 offices operating in 194 cities and towns across Russia.