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.

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