VTB closes deal to acquire Vozrozhdenie Bank
VTB and Bonum Capital (Cyprus) LTD closed the deal under which VTB acquired controlling stake of 85% in Vozrozhdenie Bank after all due regulatory approvals had been received, and the deal was approved by VTB's Supervisory Council on 25 September 2018.
VTB will make the mandatory buyback offer to the minority's shareholders of Vozrozhdenie Bank within timeframe specified by law. The buyback option will be available to all minority shareholders until January 2019.
The final integration is expected to be completed in 2020. Vozrozhdenie's strategy will focus on further strengthening of Bank's competitive positions in retail and corporate banking in the Moscow region. Vozrozhdenie Bank's team possesses vast expertise in Moscow region and other local markets, and will be retained. Thus the integration will support the franchise of both banks, and further enhance the product offering and quality of customer servicing.
The banks intend to continue catering existing key products and services for the retail and corporate customers of Vozrozhdenie Bank while developing the product offering and improving competitive advantages benefitting from technological, product and financial capabilities of VTB Group.