Transcreditbank launched its reorganization by taking over Dailies-Trade and Novye investitsionnye proekty, the PR department of the Central Bank of Russia said in a statement.
Transcreditbank (part of VTB Group) planned to wrap up deals to consolidate 100% stakes in the charter capitals of these companies, which own the buildings occupied by the bank’s head office, six months ago.
“As part of the process to streamline the structure of subsidiaries and related companies, and also to reduce title risks associated with real estate facilities, there are plans to fold Dailies-Trade LLC and Novye investitsionnye proekty CJSC into Transcreditbank, and execute the rights of ownership with regard to the buildings occupied by the bank’s head office, for the benefit of Transcreditbank," the bank said in a press release in late August 2012.
News broke that starting July 1, 2013 corporate activities carried out by Transcreditbank, the backbone bank of railway monopoly Russian Railways, will be assigned to VTB Bank, while retail operations will go to VTB 24 effective November 2013 (at that time Transcreditbank and VTB Bank’s retail subsidiary will be taken under one roof).
