VTB Bank (Belarus) increases authorized capital to $45.6m
13:52, — Economics
VTB has purchased all additional shares issued by ZAO VTB Bank (Belarus) to the tune of $37 million.
Now the authorized capital of the Belarusian subsidiary totals $45.6 million in USD terms, BelTA learnt from the press service of VTB Bank (Belarus).
The move will help the bank strengthen its position in the local market both in retail and corporate investment sectors.
“VTB Bank (Belarus) is a full-service bank. According to the national standards, as of 1 January 2014 the bank’s assets made up $959 million in USD terms, up 20% from 2012. The retail loan portfolio increased by 14%, the corporate one by 36.5%. The increase in the authorized capital gives VTB Bank (Belarus) more opportunities for growth and for the development of new businesses,” said Senior Vice President Mikhail Yakunin, head of VTB Group’s Financial Subsidiaries Division.
ZAO VTB Bank (Belarus) is a full-service bank. It has been operating in Belarus since 1996. The bank is one of the top ten banks in the country. Early this year VTB Group raised its stake in the authorized capital of VTB Bank (Belarus) up to 100%.