News and Press Releases

16 December 2010

Mr. Andrey Kostin Addresses the Meeting of VTB Shareholders’ Consultative Council

On December 16, 2010 the 8th meeting of VTB Shareholders’ Consultative Council (SCC) was held. Mr. Andrey Kostin, President and Chairman of the Management Board of VTB Bank, Mr. Andrey Konoplev, General Director of OJSC VTB Leasing and Mr. Kirill Aladyshev, CFO of OJSC VTB Leasing, participated in that meeting.

One of the key matters on the agenda was review of operating results of OJSC VTB Leasing, (a subsidiary of VTB Group). Net profit of VTB Leasing for 9 months of 2010 (under IFRS) was 913 million rubles. VTB Leasing was recognized by Expert-RA rating agency as Russia’s largest leasing company. The company’s leasing portfolio (aggregate amount of customers’ liabilities under leasing contracts less leasing payments already made) as of end of 9 months 2010 was 142.3 billion rubles. Key client industries in the company’s leasing portfolio included railroad transportation, aircraft and aviation equipment, power generation and machine-building equipment.

SCC members received detailed answers on the topic of leasing transactions with drilling equipment owned by VTB Leasing. In particular, meeting participants received information on the structure and financial return of the transactions, on technical condition and operation of equipment, as well as on proper storage conditions for the above-mentioned equipment. Top managers of VTB Leasing presented to meeting participants a real-time remote monitoring system installed at one of the drilling rigs.

During the meeting Mr. Vladimir Tarachev, chairman of the Consultative Council, described the results of meetings held by SCC members and representatives of the Union of Borrowers with the Bank’s shareholders. During those meetings taking place in Ekaterinburg and Moscow financial market experts presented minority shareholders with an overview of key factors of Russian joint-stock company legislation and presented the basics of personal financial management in the securities market.

Special attention at the meeting was devoted to interaction between the bank and its minority shareholders. Mr. Kostin noted that “VTB Bank considers principles of openness to be fundamental and unwavering for our bank. VTB is stringently complying with applicable provisions of Russian joint-stock company legislation by always providing the requested information to the shareholders”.
Answering the questions from the members of the Consultative Council regarding acquisition of banking assets Mr. Kostin underscored that strategy of VTB Group envisages both organic growth and potential acquisitions aimed at further strengthening positions of VTB in various banking segments.

Further Information:
Consultative Council is an independent body established at the initiative of minority shareholders of VTB Bank in 2009. The Council includes 10 members proposed by the independent panel and elected in a voting procedure. Mr. Vladimir Tarachev, co-chairman of the Consumers’ Union of Russia, chairs the Consultative Council. The first meeting of the Council was held on July 30, 2009.

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