A financial institution, which is under establishment on the basis of Leto Bank, a VTB Bank subsidiary, and Russian Post would be named Pochtobank, VTB Bank CEO Andrei Kostin told journalists on Monday, a Banki.ru special correspondent reported.

According to the banker, a memorandum of association on the bank's establishment could be signed in early 2016, but not in late 2015 as previously anticipated.

"It's at the final stage (of the signing of the memorandum of association – editorial note). It will be called Postal Bank. The agreement will consist of four elements, three of them have already been signed. The issue relating to Leto Bank's final valuation has yet to be settled, at which price we'll sell the bank," Kostin said.

According to him, the procedure for assessing Leto Bank's interest (50% minus one share) to Russian Post is at the final stage. "I think that this week we'll agree upon all issues, and until the end of 2015 or early January (of 2016 – editorial note) the shareholder agreement will be penned," the VTB Bank CEO noted.

He pointed out that the deadline to sign the memorandum of association on the set-up of the postal bank was extended because of 'details'. "The decision has been adopted (to set up the bank on the basis of Russian Post and a VTB Bank subsidiary – editorial note), it's final, all general issues have de facto been agreed upon," Kostin emphasized.

The new bank would have a presence at 15,000 offices of Russian Post, and the total number of banking units would exceed 20,000. It would target retail clients from the mass and low mass segment, and special attention would be paid to pensioners who are paid pensions through Russian Post sales offices. The postal bank's target customer base is roughly 20 mln people. The postal bank's assets would come to roughly Rub 600 bln in 2023.

Previously Leto Bank registered Internet domain National Postal Bank (nationalpostbank.ru) and some other domains related to post services, money and finance.