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11 Jul 2008 14:59
11 July, 2008
Results of VTB Bank Annual General Meeting
VTB Bank today announces the results of its Annual General Meeting held on 26 June 2008 in St. Petersburg. The shareholders approved the Bank's 2007 Annual Report, and its annual financial statements, including the profit and loss statement (JSC VTB Bank profit and loss account) for the year 2007. The meeting also approved the profit allocation for the 2007 performance as follows:
Net profit to be allocated, total RUR 17,977,992,166.02
Payment to the Reserve Fund RUR 144,450,637.33
Dividend payment allocation RUR 9,010,345,602.09
Retained net profit RUR 8,823,195,926.60
The shareholders decided to pay a 2007 dividend in the amount of 0.00134 per each VTB Bank outstanding ordinary registered share and approved the procedure for payment as follows:
- the dividends shall be paid out in cash, either by direct credit to shareholder bank accounts, or in cash at the JSC VTB Bank Branch in St. Petersburg at 30 Bolshaya Morskaya Ul., St. Petersburg;
- the amount of dividends per each JSC VTB Bank share shall be fixed to the nearest kopeck. Fractions of a kopeck will be rounded up or down to the nearest full kopeck; and
- the dividends shall be paid within 60 (sixty) days after the decision of JSC VTB Bank Annual General Meeting.
The following 11 members of VTB Bank Supervisory Council were re-elected
from nominees proposed by the Russian Federation:
1. Arkady V. Dvorkovich - Head of the Experts' Directorate of the Russian President;
2. Anton V. Drozdov - Director of the Economic and Financial Department of the Russian Government;
3. Andrei L. Kostin - President-Chairman of VTB Bank Management Board;
4. Alexei L. Kudrin - Deputy Chairman of the Russian Government - Minister of Finance of the Russian Federation;
5. Yuriy M. Medvedev - Deputy Head of the Federal Agency for Federal Property Management;
6. Anna V. Popova - State Secretary/Deputy Minister of the Ministry of Economic Development of the Russian Federation;
7. Alexey L. Savatyugin - Director of the Financial Policy Department of the Ministry of Finance of the Russian Federation;
8. Anton G. Siluanov - Deputy Minister of Finance of the Russian Federation; and
9. Alexei V. Ulyukaev - First Deputy Chairman of the Bank of Russia;
from nominees proposed by VTB Bank Supervisory Council in compliance with Clause 7 Article 53 of the Joint Stock Company Federal Law:
10. Matthias Warnig - Managing Director of Nord Stream AG (Switzerland) was re-elected and
11. Nikolai M. Kropachev - Rector of St.Petersburg State University elected for the first time.
In addition, the AGM approved the membership of JSC VTB Bank Statutory Commission, which includes 5 persons. CJSC Ernst & Young Vneshaudit was reappointed Auditor to JSC VTB Bank for 2008 Russian accounting standards. The shareholders also approved remuneration for the independent members of JSC VTB Bank Supervisory Council.
Addressing the shareholders, Andrei Kostin, VTB President-Chairman of the Management Board said: "I would like to thank all the shareholders who attended the Annual General Meeting, their opinion is of utmost importance for us. I believe that through our joint efforts we are sure to succeed and make VTB a still stronger participant in the global financial market".
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of VTB. You can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," or the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. VTB does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in VTB's projections or forward-looking statements, including, among others, general economic and market conditions, VTB's competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to VTB and its operations.This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of VTB or any of its subsidiaries, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of VTB or any of its subsidiaries. Information contained in this document is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person or any person in Russia, and does not constitute an advertisement of any securities in Russia.
-ends-
Enquiries:
Investor Relations:
Tel.: +7 495 775 71 39
Email: investorrelations@vtb.ru
Media Relations:
Tel.: +7 495 783 1717
Email: pr1@vtb.ru
NOTES TO EDITORS
About VTB
JSC VTB Bank and its subsidiaries (the VTB Group or the Group) is a leading Russian banking group, offering a wide range of banking services and products across Russia, certain CIS countries and in selected countries of Western Europe, Asia and Africa.
As of December 31, 2007 the Group had a network of 583 branches located across Russia, comprised of 152 branches of VTB, 328 branches of VTB24 and 103 branches of VTB North-West. Outside of Russia, the Group operates through four subsidiary banks located in the CIS (Armenia, Georgia, Ukraine and Belarus), six subsidiary banks located in Europe (UK, France, Germany, Austria, Switzerland and Cyprus), one subsidiary bank and one financial company in Africa (Angola, Namibia), and an associated bank in Vietnam. VTB also has a presence in Singapore through a branch of its UK subsidiary. VTB has operated under a full banking license, № 1000, from the Central Bank of the Russian Federation since 1990.
The Group's business franchise is in the areas of corporate, retail and investment banking. In corporate banking, the Group provides a broad range of commercial banking services and products including corporate lending, foreign trade transactions, syndicated loans, deposit and settlement services, as well as custody services, leasing and treasury services to large- and medium-sized corporations and financial institutions. In retail banking, VTB offers financial services, including deposit accounts, lending and certain ancillary services, to individuals and small-sized corporations. In investment banking it provides debt capital markets underwriting, project financing, merger and acquisition financing, advisory services, asset management and venture funds.
The Group had 35,945 employees as of December 31, 2007. The Government of the Russian Federation is VTB's main shareholder and owns, through the Federal Property Management Agency, 77.5 % of its registered share capital. For more information please visit www.vtb.com
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