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RIA Novosti, Russia
Jan 18 2005
VNESHTORGBANK BUYS CONTROLLING BLOC OF UBG SHARES
TBILISI/MOSCOW, January 18 (RIA Novosti) - The act of Russia's
Vneshtorgbank (VTB) buying the controlling bloc (51%) of shares from
the United Bank of Georgia (UBG) was ceremoniously signed today by
VTB President Andrey Kostin in the UBG head office. Under an
agreement, the UBG is to retain its name and the location of the head
office.
While on a two-day visit to Tbilisi, Andrey Kostin met with Georgia's
President Mikhail Saakashvili, Prime Minister Zurab Zhvaniya and
Catholicos-Patriarch of all Georgia Ilya the Second.
"The Georgian president and VTB boss shared the view that there are
wide prospects for expanding Russian-Georgian partnership, in the
field of Russian investment in the Georgian economy as well," reports
the VTB press-service..
The republic's leading United Bank of Georgia ranks third in
reference to the value of its assets making $87.8 million and
accounts for a ramified regional network with about 40 branch
offices. The bank's shareholders are the EBRD owning 17.8 percent of
the authorized capital, Germany's Martin Bauer GmbH with 18.1 percent
and the residents with 64.1 percent.
"The purchase of the UBG boasting a developed clientage, in the small
and medium business as well, is to serve for the VTB's further
expansion into the market of Georgia's banking services," says the
VTB press-service.
Andrey Kostin believes that the recent purchase will enable the
Vneshtorgbank to consolidate its positions as a vehicle of foreign
trade relations within the CIS environment, in particular, to promote
Russian-Georgian trade turnover.
In 2005, the Vneshtorgank Group will be represented in the
post-Soviet space by a subsidiary in Armenia, an office to open in
Ukraine and a mission in Belorussia. Further VTB plans include wider
activities on the banking markets of Belorussia, Kazakhstan and other
CIS nations.
Jan 18 2005
VNESHTORGBANK BUYS CONTROLLING BLOC OF UBG SHARES
TBILISI/MOSCOW, January 18 (RIA Novosti) - The act of Russia's
Vneshtorgbank (VTB) buying the controlling bloc (51%) of shares from
the United Bank of Georgia (UBG) was ceremoniously signed today by
VTB President Andrey Kostin in the UBG head office. Under an
agreement, the UBG is to retain its name and the location of the head
office.
While on a two-day visit to Tbilisi, Andrey Kostin met with Georgia's
President Mikhail Saakashvili, Prime Minister Zurab Zhvaniya and
Catholicos-Patriarch of all Georgia Ilya the Second.
"The Georgian president and VTB boss shared the view that there are
wide prospects for expanding Russian-Georgian partnership, in the
field of Russian investment in the Georgian economy as well," reports
the VTB press-service..
The republic's leading United Bank of Georgia ranks third in
reference to the value of its assets making $87.8 million and
accounts for a ramified regional network with about 40 branch
offices. The bank's shareholders are the EBRD owning 17.8 percent of
the authorized capital, Germany's Martin Bauer GmbH with 18.1 percent
and the residents with 64.1 percent.
"The purchase of the UBG boasting a developed clientage, in the small
and medium business as well, is to serve for the VTB's further
expansion into the market of Georgia's banking services," says the
VTB press-service.
Andrey Kostin believes that the recent purchase will enable the
Vneshtorgbank to consolidate its positions as a vehicle of foreign
trade relations within the CIS environment, in particular, to promote
Russian-Georgian trade turnover.
In 2005, the Vneshtorgank Group will be represented in the
post-Soviet space by a subsidiary in Armenia, an office to open in
Ukraine and a mission in Belorussia. Further VTB plans include wider
activities on the banking markets of Belorussia, Kazakhstan and other
CIS nations.