VTB received government approval to purchase a stake in Pochta Bank. The issue of integrating Pochta Bank into VTB’s structure is currently being discussed.
VTB received government approval to purchase stake in Pochta Bank
VTB Bank has agreed with the Russian government on a deal to purchase a stake in Pochta Bank from Russian Post. This was reported by VTB CEO Andrey Kostin, his words leads “Interfax”.
Kostin clarified that an appraiser will evaluate the assets of Pochta Bank, but VTB “will not offend” Russian Post.
VTB will benefit from the deal for strategic development, and Pochta Bank will benefit from it from a financial point of view, the head of VTB added.
VTB Bank bought Otkritie Bank in 2022, and the merger of the organizations has been ongoing since then. The final merger is expected by the end of 2024.
The smooth merger of Otkritie will allow VTB to save around 20 billion rubles by 2025, redirecting funds to marketing, development of new products and the branch network.
Source: rb.ru
