TCB to start transferring corporate operations to VTB in H1 2013
KHABAROVSK. Oct 5 (Interfax) - TransCreditBank (TCB), in the framework of its integration with VTB , will start transferring its corporate business in the first half of 2013, VTB's Khabarovsk branch told Interfax citing TCB's press service.
A TCB pilot project, services for Moscow Railways, (one of the branches of OJSC Russian Railways) will be transferred to VTB in the fourth quarter. Technologies for transferring banking operations will be implemented in such a fashion.
The bank said that TCB's retail and small/medium sized business divisions will be transferred to VTB 24 . The timeframe for TCB's integration in VTB is the same for the whole of Russia: the process should be completed by July 1, 2013. The TCB brand will be taken off the market on November 5, 2013.
VTB's Khabarovsk branches said that TCB branches have operations in Russia's Far East, including operations in Blagoveshchensk, Vladivostok, Yuzhno-Sakhalinsk, and Khabarovsk. The total loan portfolio for companies in the Far East Federal District comes to 2.381 billion rubles with key clients such as the TransBaikal and Far East Railways, energy, gas and insurance enterprises. The individual loan portfolio tops 10 million rubles.
It was earlier reported that VTB increased its stake in TCB from 77.7852% to 99.5858% of voting shares at the end of September.
VTB reached an agreement to purchase 100% in TCB in 2010. Prior to this, OJSC RZD owned 54.39% in TCB while structures controlled by the railway company's Blagosostoyanie Nonstate Pension Fund held 40.56%. By August 2011, VTB consolidated 72.9% in TCB while RZD retained 25% plus one share. After TCB's additional share issue, RZD's stake was diluted to 21.8%. RZD planned to make 15 billion-20 billion rubles on the sale of this stake.
