Russia’s BTA Bank turns into subsidiary of Kazakh BTA Bank

BTA Bank (Kazakhstan) bought a 52.8% interest in the charter capital of BTA Bank (Russia). Following the deal, BTA Bank (Kazakhstan) became the largest holder of a stake in the Russian bank’s charter capital. Earlier the Kazakh bank owned 15.6% of the bank, BTA Bank (Russia) said in a press release. After the equity position of joint stock BTA Bank was increased in the capital of limited liability company BTA Bank, the latter gained the status of a subsidiary bank, i.e. the only official representative of the head office in the Russian Federation.

The long-term target is to create an international banking brand (BTA Bank) on the basis of 10 banks — strategic partners in the FSU and non-CIS countries that will be united not only by the single BTA brand, but also the standards of service, products and business principles. The development strategy until 2015 calls for BTA Bank gaining key positions on the CIS market and conquering at least 2% of the Russian banking services market, the press release said.

2008 priority targets of BTA Bank are to expand its network in Moscow and Saint Petersburg by more than 50 offices and intensively phase in technologies and developments of its strategic bank partners.

According to the data from news agency Banki.ru and Interfax-CEA, net assets of BTA Bank equal Rub 33.1 bln (75th place in Russia). BTA Bank is a member of the national deposit insurance system. The lender’s previous name is Slavinvestbank.