OREANDA-NEWS. April 01, 2013. The VTB Shareholders Consultative Council held its 18th meeting in Moscow.

The meeting was attended by VTB President and Chairman of the Management Board Andrey Kostin, First Deputy President and Chairman of the Management Board Vasily Titov, and Herbert Moos, Deputy President and Chairman of VTB Bank Management Board. The senior VTB executives discussed with shareholders important aspects of the bank’s operation.

Mr Kostin discussed some current issues, focusing in particular on the planned issue of additional shares, VTB’s financial results and the situation in Cyprus where a VTB subsidiary, Russian Commercial Bank (RCB Cyprus), operates.

“VTB Group’s interests are unlikely to be affected by the final decision of the Cypriot authorities,” Mr Kostin said. “Nevertheless, we will continue to closely watch developments there and adjust our strategy for the region if necessary.”

Mr Moos discussed the group’s financial results for the first nine months of 2012. The participants agreed that the results for the entire year, which will be prepared in April, are unlikely to fall below 2011 levels. “Although we have had a fairly difficult year, given the extreme volatility of share prices, VTB intends to propose an increase in shareholder dividends,” he noted.

The participants also discussed the election of Consultative Council members for the next four years, due in 2013. Any VTB shareholder older than 21 can stand in the election, which will involve two rounds. First, the Expert Council will shortlist 30 candidates with the best qualifications and experience. This will be followed by open voting.

“We will use the same election procedure as the first time,” Mr Titov said. “We intend to ensure complete transparency by providing the shareholders with information through every channel available.”

The next meeting of the VTB Shareholders Consultative Council is scheduled for the second quarter of this year.