VTBR.L Regulatory News (VTBR)

24 Jun 2008 13:53

24 June 2008

VTB announces preliminary results of the statutory offer to buy VTB North-West shares

On 24 June 2008, JSC VTB Bank announces the preliminary results of its public offer to acquire Bank VTB North-West shares (hereinafter referred to as "Offer" and "VTB NW").

The Offer was sent to VTB NW shareholders on 14 April 2008 in compliance with applicable legislation requiring an entity having acquired over 75 per cent of open joint stock company shares to make a public offer to acquire the remaining shares. Under the Offer, VTB NW shareholders could sell each share of RUR 1 nominal value for RUR 45. The necessary documents could be executed in the special offices of VTB NW or sent by post. 

Between 14 April and 23 June 2008, VTB NW shareholders applied to sell a total of 129,965,117 shares under the VTB Offer, which account for almost 10.3067 per cent of the authorized capital of VTB NW. 785 shareholders have exercised their rights under the Offer, among them 767 individuals and 18 corporates. 

It is stipulated by law that within 15 days after the applications are accepted, the shareholders may transfer the title of their shares (to make a transfer order to ZAO COR). If all the shareholders properly complete the transaction by 8 July 2008, VTB will have increased its shareholding in the authorized capital of VTB NW to 97 per cent. 

The shares will be paid out within 15 days once a relative credit entry is made on the VTB account, but not later than 23 July 2008. Thus, the final results of the Offer will be announced by 23 July 2008.

This Offer was a landmark in the integration of VTB NW into the VTB Group. Once the final results of the Offer are announced, a decision will be made regarding further steps. If VTB succeeds in increasing its shareholding in VTB NW's authorized capital to more than 95 per cent, then, in compliance with the existing Russian law (Federal Law on Joint-Stock Companies, Chapter ХI), VTB will have the right to a buy out "on demand" (or enforced buy out) within six months after the Offer is completed in order to reach a 100 per cent shareholding in VTB NW's authorized capital.

Contacts:

Investor Relations: 

Tel.: +7 495 775 71 39

Email: investorrelations@vtb.ru

Media Relations: 

Tel.: +7 495 783 1717

Email: pr1@vtb.ru

About VTB Bank: 

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 

Disclamer:

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" 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 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, 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.

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.