RIA NOVOSTI. Net profit generated by VTB North-West, under RAS, jumped 66% to Rub 3.5 bln in January-June 2010, the lender’s management board chairman Dmitry Olyunin told reporters on Wednesday. According to him, as RIA Novosti reported, IFRS numbers for the first half of 2010 will be similar.
VTB North-West (former Promstroybank) is a 100% subsidiary of VTB Bank and specializes in corporate lending. As of March 1, 2010 the lending institution’s regional network comprised 33 points of sale (including 17 branches), located in the North-West Federal District and the Kirov region.
Since December 2005 VTB North-West’s major shareholder has been VTB Bank, whose supervisory board approved a program to integrate the bank’s assets into VTB Group. In 2008 after the mandatory sale and forced buyout of VTB North-West shares the head bank consolidated 100% of the lender’s securities. In March 2010 VTB North-West’s supervisory board adopted a decision to launch the consolidation procedure. The second phase of the consolidation procedure, which includes the legal merger of the banks, was designed for around 12 months and will be wrapped up by the end of Q1 2011.
