VTB SC approves asset disposal programme

VTB Supervisory Council approves asset disposal programme

The Supervisory Council of VTB Bank has approved a state-backed programme aimed at disposing some of the bank's assets in the sectors with a high level of competition.

Following Prime Minister Dmitry Medvedev's directive and the instructions of the Federal Agency for State Property Management, this issue was discussed at a Supervisory Council meeting today. The programme is scheduled to be realized by the end of 2015.

The programme, approved by the Supervisory Council, includes a number of companies, in which VTB holds minority stakes.

"The bank has evaluated the expediency of disposing these assets," VTB President and Chairman of the Management Board Andrey Kostin said. "A list of stakes to be sold has been preliminarily endorsed by the Supervisory Council's Committee on Strategy and Corporate Governance. I am confident that this programme will enhance competitive environment and serve to promote the growth of the Russian economy."