VTB plans to enter new retail banking segments
MOSCOW. April 25 (Interfax) - VTB might update the strategy for growing its retail business as it prepares to enter new segments, the Russian state bank's deputy CEO, Georgy Gorshkov said at a press conference.
The group's development strategy for 2024-2026 was approved at the beginning of last year. VTB plans to double the accessibility of its retail financial products and services and expand their potential coverage to 100 million people, increase the number of branches by 40% to 1,800 and expand courier delivery to 23,000 population centers, with a view to increasing the number of active customers to 35 million.
The former first deputy governor of Russia's Central Bank, Olga Skorobogatova was appointed to oversee VTB's retail business at the beginning of April.
Commenting on possible changes to the group's retail strategy due to the new appointment, Gorshkov said a strategy "is a thing that can evolve depending on how the market changes or new ideas emerge in the team."
"The arrival of Olga Nikolayevna [Skorobogatova] is a significant strengthening of VTB's team as a whole and an additional push for the retail team. Olga Nikolayevna has been appointed the manager of the retail business at the bank. We have more than 10 meetings with her weekly where we discuss every aspect of the business, new products and ideas in detail. I hope this will accelerate our business, particularly her experience in big infrastructure projects," Gorshkov said.
He said some new things could be added to the strategy, but the bank does not have a specific timetable for updating the document.
"But, indeed, if we're already pulling back the curtain, we began to plan an entry into new segments where VTB does not currently have a presence back in the fourth quarter of last year. This will be a very beautiful, bright entry, I think, and it will be a compliment to the strategy that has been approved. I hope that this will happen in the middle of this year," Gorshkov said.
Skorobogatova, who left the Central Bank of Russia (CBR) in December 2024 after ten years, was appointed first deputy chairman of VTB in March. Initially, VTB said she would be responsible for strategic development and strategic partnerships, as well as the development of international settlements. Retail was not mentioned, but in April the bank said she would also oversee the retail division.
Skorobogatova joined the CBR in 2014 and was appointed first deputy governor in September 2017. She oversaw four departments at the CBR, including the national payment system, financial and information technologies and operations.
The National Payment Card System (NPCS), the operator of Mir cards, was developed and the Express Payment System was created under Skorobogatova's leadership. She also oversaw the creation of the digital ruble, the third form of the Russian national currency, which the CBR plans to issue in addition to its current cash and noncash forms.
