TransKreditBank OAO Starts Transferring Corporate Operations to VTB Bank OAO-Interfax

Thursday, 4 Oct 2012 08:00pm EDT 

Interfax reported that TransKreditBank OAO (TransCrditBank or TCB) in the framework of its integration with VTB Bank OAO (VTB) will start transferring its corporate business in the first half of 2013. A TCB pilot project, services for Moscow Railways, (one of the branches of OJSC Russian Railways) will be transferred to VTB in the fourth quarter. Technologies for transferring banking operations will be implemented in such a fashion. The bank said that TCB's retail and small/medium sized business divisions will be transferred to VTB 24 (RTS: GUTB). The timeframe for TCB's integration in VTB is the same for the whole of Russia: the process should be completed by July 1, 2013. The TCB brand will be taken off the market on November 5, 2013. VTB's Khabarovsk branches said that TCB branches have operations in Russia's Far East, including operations in Blagoveshchensk, Vladivostok, Yuzhno-Sakhalinsk, and Khabarovsk. The total loan portfolio for companies in the Far East Federal District comes to RUB 2.381 billion with key clients such as the TransBaikal and Far East Railways, energy, gas and insurance enterprises. The individual loan portfolio tops RUB 10 million. It was earlier reported that VTB increased its stake in TCB from 77.7852% to 99.5858% of voting shares at the end of September. 

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