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Russian Vneshtorgbank Continues Transcaucasian Expansion

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  • Russian Vneshtorgbank Continues Transcaucasian Expansion

    Russian Vneshtorgbank Continues Transcaucasian Expansion

    MOSNEWS, Russia
    May 31 2004

    One of Russia's leading universal banks Vneshtrogbank has reached a
    principal agreement with the United Georgian Bank over the purchase
    of latter's controlling shares. The information was published on the
    bank's official web site on May 28. The agreement was reached during
    a visit of Vneshtorgbank's delegation to Georgia. The details of the
    deal are not reported.

    "The purchase of shares of the Georgian bank will promote the
    implementation of the Vneshtorgbank strategy, which envisages the
    development of its network in the CIS [Commonwealth of Independent
    States] countries," the news release, issued by the VneshTorgBank
    reads. First Deputy Chairman of Russian bank Vladimir Levin said that
    Vneshtorgbank sees "the banking services' markets in CIS countries
    as having a lot of potential".

    As MosNews reported in March, Vneshtorgbank already purchased a 70
    percent stake in Armenian Savings Bank and announced then that it
    plans to enter the retail business of providing banking services to
    regular citizens. Acquisition of United Georgian Bank signals the
    seriousness of Vneshtorgbank's intentions "to occupy the market niche
    of main clearing bank in the CIS countries".

    From: Emil Lazarian | Ararat NewsPress