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VTB 24 bank

   
Name VTB 24
Full name Public Joint-Stock Company "Bank VTB 24"
Licence 1623 | Summary on the Central Bank of Russia Site

Ranking

on 01.11.2016 г.
Net assets 3 230 989 597 RUR, tnd, 4th place in Russia, 3rd place in regions
Net profit 31 555 533 RUR, tnd, 3rd place in Russia, 2nd place in regions
All indicators
Headquarter
101000, Moscow, Myasnickaya street, 35
URL www.vtb24.ru
Banki.ru reference

VTB 24 was established on the basis of Guta-Bank that was badly hit by the inter-bank crisis in 2004 and purchased by Vneshtorgbank (now VTB Bank), with the Bank of Russia playing an active role. Guta-Bank was renamed Vneshtorgbank Retail Services in 2005, and turned into VTB 24 in November 2006. The bank changed its corporate status to a public joint stock company (PJSC) in October 2014.

VTB Bank controls 99.93% of VTB 24 shares, with 0.07% falling to minority shareholders. Since July 2005 VTB 24’s management board has been chaired by Mikhail Zadornov who held the position of the Russian finance minister from November 1997 through May 1999 (including August 1998). It is noteworthy that VTB 24 gained control over Bryansk-based Bezhitsa-Bank in late April 2012. The latter was firmed renamed Leto Bank, and later it was used as a hub for Pochta Bank (50% + 1 share are held by VTB 24, and the second holding is in the hands of a Russian Post subsidiary). VTB Group announced the merger of its two banks (VTB 24 and Transcreditbank, the latter was folded into VTB 24) in late October 2013, and that the Transcreditbank brand ceased to exist in November 2013. As a result of this integration, VTB 24’s retail credit portfolio expanded by around 11%, while retail deposits grew by 5.2%. The banks’ united client base totals around 12 mln of active clients, with total headcount of 34,500 (28,000 at VTB 24 and the rest at Transcreditbank).

VTB Bank’s supervisory board decided on November 2, 2016 to merge VTB 24 with VTB Bank, which is planned to be carried out by end 2017.

Being part of international banking group VTB, VTB 24 specializes in dealing with households, individual entrepreneurs and small businesses. The bank’s sales network comprises over 1,060 offices in 72 constituent entities of Russia, including eight branches in the country’s largest cities. As of October 1, 2016 the lender’s headcount averaged 31,725.

The lending institution offers clients a broad array of standard banking services, including cash, mortgage and auto loans, deposit accounts, online banking, brokerage services, safe deposit box lease, wire transfers (including via Western Union), bank cards powered by Visa and MasterCard, private banking and other services. By late 2017 VTB Group’s merged ATM network will grow to 17,000—18,000. In 2015, VTB 24’s bank card portfolio totaled around 16 mln of valid cards. Around half of the cards was issued as part of payroll projects. Specifically, in 2015 the bank began to serve 768,000 new payroll clients, while the total number of valid payroll cards reached 4.5 mln. The bank entered into payroll agreements in 2015 with such companies as Bashneft, the Interior Ministry of Russia, the Emergency Ministry of Russia, the Healthcare Ministry of Russia, Evraz and Russian Railways companies that are beyond migration from former Transcreditbank. One of the major advantages from Transcreditbank’s takeover by VTB 24 is that VTB 24 received 2 mln of new clients in 100 towns. Thus, the banks’ merged clientele reached roughly 12 mln of active clients.

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