In December 2006, the VTB bank passed its shares in VTB BANK FINANCE, formerly known as BCEN-EUROBANK, and VTB BANK DEUTSCHLAND (OST-WEST HANDELSBANK AG) to VTB BANK EUROPE (MOSCOW NARODNY BANK). Specifically, VTB transferred 87.04% and 83.54% of shares, respectively. So said the bank in an investment memorandum for the issue of Eurobonds. VTB BANK EUROPE is to begin reorganising these banks into branches in France and Germany in the middle of 2007 after receiving a permit from local regulators.
Source: BANKI.RU, February 27, 2007
