VTB has received government approval to acquire a stake in Pochta Bank. The issue of integrating Post Bank into the structure of VTB is currently under discussion.
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VTB received government approval to buy a stake in Pochta Bank
VTB Bank has reached an agreement with the Russian government to buy a stake in Post Bank from Russian Post. VTB head Andrey Kostin spoke about this, as quoted by Interfax.
Kostin said that an appraiser will evaluate Post Bank’s assets, but VTB “will not offend” the Russian Post.
VTB will benefit from the agreement for the strategic development of Pochta Bank from a financial point of view, the VTB director added.
VTB Bank acquired Otkritie Bank in 2022 and the process of merging the organisations has been underway ever since. The final connection is expected by the end of 2024.
The smooth merger of Otkritie will allow VTB’s structure to save about 20 billion rubles by 2025, redirecting funds to marketing, new product development and branch network.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
