VTB Bank history is the history of establishing a standard-bearer for the Russian banking industry. Nowadays, VTB plays the key role in lending to the economy and developing the retail banking market in Russia.The Bank for Foreign Trade (Vneshtorgbank) was established in October 1990 with governmental support to encourage foreign economic transactions of Russian enterprises. VTB developed successfully as a large specialized bank focused on relations with corporate customers, primarily Russian exporting enterprises.During the 1998 financial crisis, VTB preserved its solvency, which favoured the Bank’s further consolidation of its market position. Unlike many other large credit institutions, VTB managed to avoid bankruptcy.When a new team of top managers headed by President and Chairman of the Management Board Andrei Kostin joined VTB in 2002, it launched one of the brightest stages in the Bank’s history. VTB’s new management set the strategic goal to transform the Bank into a full-service credit institution with European standards, operating in all key segments of the Russian banking market, including retail business and investment banking services.It took VTB less than five years to transform from a highly specialized bank with a small branch network into one of Russia’s largest backbone credit institutions of federal importance (being significantly ahead of other large Russian banks in terms of business growth rate). Today, VTB holds a secure second place in Russia in terms of assets, capital, funding base, corporate and retail lending, and net profit.Along with a rapid increase in the volume of domestic operations, VTB focused on creating the first international banking group in Russia, which would be able to compete with Western first-class lending and financial institutions and provide high quality banking services worldwide.VTB Bank’s emergence was a response to the country’s increasing need for banking institutionsVTB’s IPO in 2007 marked the beginning of a brand new period for the Bank. Owing to one of world’s largest IPOs, VTB raised almost USD8 billion, evolving from a large state-owned bank into a world-level credit institution with its shares publicly traded in Russian and international securities markets.The strategic plan of the Bank and VTB Group are: to become an unquestionable leader of retail banking in Russia; to gain leading positions in the Russian investment banking services market; to expand its operations abroad, primarily in the CIS.The Bank intends to significantly increase lease and insurance transactions, and boost its activity in asset management, brokerage, private pension coverage and in some other segments of the Russian financial market.Once these plans are implemented, VTB will bring its consolidated assets to USD150 billion by the end of 2010 and join the world’s top 50 banks in terms of capital.Over its history, VTB managed to gain a foothold in the Russian banking services market, win international recognition and get the name of one of the country’s most reliable banks with sound financial standing.
HeadquartersBolshaya Morskaya, 29