Corporate Communications

Russia’s VTB Capital May Open New York, Hong Kong Branches

22 April 2009

Bloomberg, April, 22, 2009

By Laura Cochrane and Denis Maternovsky

VTB Capital, the investment banking arm of Russia’s second-biggest lender, may open offices in Hong Kong and New York in the next stage of a drive to expand globally.

“We are looking to see if there are any good opportunities for us to break into those markets,” VTB Capital’s President Yuri Soloviev told Bloomberg News in am interview in London today. “This is a fantastic time to be expanding. We need some offices close to where the action is.”

VTB Capital, which has offices in Moscow, London and Singapore, will open a branch in Dubai by the end of June, Soloviev said. The bank is also “looking at opportunities” in Hong Kong and New York, including acquisitions, he said. It has not held official talks yet, he said.

Moscow-based VTB Group said March 2008 it will invest $500 million by 2011 into its investment banking subsidiary to make it into one of the top three investment banks for Russia.

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