VTB Bank to acquire TransCreditBank from Russian Railways.

By bne IntelliNews October 6, 2010
Supervisory council of major state-controlled bank VTB Bank approved the acquisition of 100% shares of TransCreditBank, affiliated with state rail monopoly Russian Railways (RZD). A controlling stake in the bank will be bought from RZD and the rest from minority shareholders. The price of the deal is set at the 2.2 coefficient to the capital of TranCreditBank, which amounted to RUB 22.5bn (USD 737.8mn) as of end of H1/10. TransCreditBank's RAS net profit for Jan-June 2010 went up by 16% y/y to RUB 2.1bn. Bank's assets rose by 33% in H1/10 to RUB 322.5bn. Shareholders' equity increased by 9.5% y/y to RUB 35.5bn as of July 1 2010. Loan portfolio increased by 39% y/y to RUB 185bn. TransCreditBank was founded in 1992 and is affiliated with Russian Railways. It is among top 30 Russia's banks in terms of assets. In 2009 bank's RAS net profit went up by 52% y/y to RUB 5.2bn.

Related Articles

Russias participation in Cyprus bail-out under question.

As Cyprus is trying to come up with new ways to raise EUR 5.8bn needed to secure the financing from ECB, EC, and IMF, Russia's participation in the package is not clear. According to the latest ... more

Fitch: Russian banks risks in Cyprus limited.

Fitch Ratings believes that resolution of the Cyprus crisis with a deposit levy or some other form of burden sharing involving creditors is unlikely to result in material losses for Russian ... more

Sources: Russia could triple oil exports to China.

Russia and China discuss contracts that would triple exports of Siberian oil through various transport corridors, Reuters reports citing unnamed sources in the industry. Rosneft is discussing ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss