VTB to recapitalize Georgian subsidiary by $7.5 mln in 2013
MOSCOW. June 27 (Interfax) - VTB plans to recapitalize its Georgian subsidiary by $7.5 million this year, Russia's second-largest bank reported.
VTB CEO Andrei Kostin met with Georgian Prime Minister Bidzina Ivanishvili during a working visit to Georgia.
"I saw sincere interest by the Georgian side in expanding VTB's operations in the country. With that in mind, we're planning to recapitalize our bank in Georgia in 2013 by $7.5 million. We'll also open another five VTB (Georgia) bank branches by the end of the year," Kostin is quoted as saying in the statement.
By making maximum use of its potential to develop bilateral economic relations, VTB will help make a positive shift in trade and economic ties between Russia and Georgia, the bank reported.
VTB currently owns 96.31% of its Georgian subsidiary's shares. The minority shareholders are Lacarpa Enterprises Ltd (2.08%) and private individuals.