VTB to hold off on approving new strategy due to uncertainty, go through 2023 without one

ST. PETERSBURG. Oct 24 (Interfax) - VTB has not yet drafted a new development strategy, although its current one will end soon, the Russian state bank's vice president and deputy head of strategy and corporate development, Alexander Voronov said.

The group's current strategy was adopted in 2019 and concludes this year.

"We don't have a strategy for the next few years yet. Our strategy ends in 2022 and we have not yet worked out a strategy for the new period. This is because now is not the best time to work on long-term planning. The more volatility, the more uncertainty, the harder it is to plan on a long horizon," Voronov said at the Management of the Future 2022 conference.

"Therefore, we are now taking a somewhat different approach to the strategy. We have fundamentally agreed that until the end of 2023 we will do what's needed, what's necessary for success on the market, and only go through the whole strategy cycle in 2023," Voronov said.

VTB Group has a long-term development program to 2023, approved by its supervisory board, that sets out strategic goals and objects, including for next year, the bank's press service said. VTB plans to approve a new strategy and long-term development program in 2023.