RIA NOVOSTI. The supervisory board at VTB North-West recommended that its sole shareholder (VTB) pay out no dividends for 2008, the issuer said in a statement.
The supervisory board proposed spending net profit (Rub 6.04 bln) on corporate development.
For the record, the shareholders decided to allocate all net profit (Rub 4.6 bln) earned in 2007 to dividend payouts, with Rub 3.64588 paid per common share.
VTB North-West (former Industrial Construction Bank) is part of VTB Group. The lending institution specializes in providing services to corporate clients in the North-West Federal District and the Kirov region.
