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VTB Bank

From Wikipedia, the free encyclopedia
"VTB" redirects here. For other uses, see VTB (disambiguation).
For the Soviet bank known as Vneshtorgbank, see Foreign Trade Bank of the USSR.

PJSC VTB Bank
Company typePublic (ПAO)
MCX: VTBR
LSE: VTBR
IndustryFinancial services
FoundedOctober 1990; 34 years ago (1990-10)
HeadquartersMoscow, Russia
Area served
Russia, CIS, Europe, Asia, Africa, US
Key people
Andrey L. Kostin
(President and Chairman of the Management Board)
Anton Siluanov
(Chairman of the Supervisory Council)
Products
Revenue1,185,800,000,000 Russian ruble (2017) Edit this on Wikidata
$4.45 billion[1] (2021)
Total assets$283 billion[1] (2021)
Total equity$30.2 billion[1] (2021)
OwnerFederal Agency for State Property Management (60.9%)[2]
WebsiteVTB.com

VTB Bank (Russian: ПАО Банк ВТБ, lit. 'PJSC Bank VTB'; formerly known as Vneshtorgbank, Внешторгбанк, lit. 'International Trade Bank') is a Russian majority state-owned bank headquartered in various federal districts of Russia;[3][4] its legal address is registered as St. Petersburg.[3] As of 2022, over 90% of the company's capital stock was owned by three Russian agencies.[5]

VTB Bank and its subsidiaries form a leading Russian financial group – VTB Group uniting VTB banks located in different countries and offering a wide range of corporate banking services and products in Russia, CIS, Europe, Asia, Africa, and the US.[6][7][8] As of April 2025, VTB had a Chinese subsidiary which operated a branch in Shanghai.[9]

VTB was ranked 446th on the FT Global 500 2012,[10] The Financial Times’ annual snapshot of the world's largest companies. It climbed to 210th in the ranking of the 500 largest companies in Europe, the FT Europe 500 2014,[11] and to 127th in the FT Emerging 500 2014, the list of the 500 largest companies in the world's emerging markets. VTB Bank (PJSC) has 22 branches and 3 representative offices in 13 regions of Russia and 4 foreign countries.[12]

History

[edit]

20th century

[edit]
Old logo

VTB Bank was founded as Vneshtorgbank in 1990 with the support of the Russian State Bank and the Ministry of Finance. It was set up as a limited liability company with the aim of servicing Russia's foreign trade operations and promoting Russia's integration into the global economy.[13]

21st century

[edit]

1st decade

[edit]

In 2004, the bank acquired a majority stake of 85.8% in Guta Bank, which was reorganised into a retail bank, Vneshtorgbank 24 (VTB24).[14] The bank also acquired the Armenian Armsberbank, which was later renamed VTB Armenia.[15] In 2005, the bank acquired 75% plus three shares of the Promstroybank (PSB), which was reorganised as Bank VTB North-West and later became VTB's North-Western Regional Centre,[16] and bought the Ukrainian bank Mriya, which was later merged with VTB Bank (Ukraine).[citation needed]

In 2007, the bank set up a subsidiary in Angola known as VTB África.[17] The bank also took over Slavneftebank in Belarus and later renamed it VTB Belarus.[18] In June, VTB became the first Russian bank to offer an initial public offering (IPO), raising $8 billion in what became the largest international banking IPO at the time.[19]

In 2008, the bank acquired a 51% stake in AF Bank in Azerbaijan from AF Holding International, later renaming it VTB Azerbaijan.[20] In 2010, the bank's board approved the phased acquisition of TransCreditBank from Russian Railways.[21] In 2013, VTB carried out a secondary public offering (SPO) which raised 102.5 billion rubles ($3.3 billion) and diluted the Russian government's share in VTB from 75.5 percent to 60.9 percent.[22] In 2022, VTB Bank extended a 630 billion ruble ($11.06 billion) credit line to be used for the purchase, repair and modernisation of the country's railway infrastructure.[23]

2nd decade

[edit]

In 2011, VTB invested more than $191 million for shares in the Isle of Man company DST Investment 3[24] which was roughly than half of the funds in Yuri Milner's DST Global.[25] This led to Milner's large stake in Twitter.[25][24] Kanton had almost no investment in Twitter.[25] DST Investment 3 also issued shares to Alisher Usmanov's Kanton that were used to support the Kremlin's investment in Facebook.[25]

In November 2012 some bankers expressed concern about VTB's offer to raise capital for the Basel III requirements, which were addressed by selling $1 billion of perpetual Tier 1 bonds.[26] As of April 2025 the $551 million worth of bonds have a call date of 6 June 2025.[27]

On 7 May 2014, VTB transferred most of its DST Investment 3 to Kanton.[25][28]

In 2014, before Russo-Ukrainian War, VTB Bank was one of the biggest banks of Ukraine. VTB Ukraine went bankrupt in 2018.[29]

Since 2014, the bank has been subject to political sanctions (see separate section below).

In 2017 VTB said that implementing Basel III capital requirements would cost it $233 million a year. At the time, the Russian central bank was "gradually adopting" Basel III for its domestic banking system.[30]

In August 2018, it was announced that VTB Bank would acquire a 75% stake in Vozrozhdenie Bank after its previous owners oversaw a "major banking collapse".[31]

In September 2018, Kostin asked the Russian central bank to "revise" the Basel III capital requirements, which by 2019 for his bank would amount to over $6 billion in regulatory expenses.[32]

In November 2018, the National Bank of Ukraine declared the Ukrainian subsidiary of VTB Bank insolvent due to its declining liquidity and worsening financial position.[33]

In December 2018, it was announced that VTB Bank would be acquiring controlling stakes in Sarovbusinessbank (81.1%) and Zapsibcombank (71.8%).[34]

3rd decade

[edit]

In March 2022 VTB, along with other Russian lenders, was delisted from the SWIFT transaction system, as punishment for the Russian invasion of Ukraine.[35]

In May 2022 soon after the Russian invasion of Ukraine and consequent blowback, Kostin looked forward to $52 billion in reduced cost if the Russian authorities relaxed the rules surrounding Basel III but Nabiullina demurred, while she acknowledged that some banks may require a capital injection as a result.[36]

In March 2023 VTB detailed a $4.7 billion takeover of Otkritie Bank. At the time, VTB was Russia's second biggest bank. The Russian Central Bank in 2017 had bought the private lender to avoid its crash and was the alienator in this transaction. Otkritie was believed to have approximately 500 retail banking locations throughout Russia.[35]

In October 2024, Pyanov was forced to deny plans to buy back shares from unfriendly non-residents, as that would impact VTB's Tier 1 capital ratio, necessary to be maintained under Basel III rules.[37]

In early December 2024, VTB said that the savings rate of their private individual clients had reached an all-time low.[38]

In December 2024, VTB said it would hit a record profit of $5.5 billion for the year. Corporate lending was unaffected by the 21% prime rate because "loans to important sectors, such as the military-industrial complex, are still subsidised by the state, resulting in lower actual rates for some borrowers." The retail client was "taking advantage of short-term deposit interest rates reaching 26 per cent."[39]

In January 2025 VTB announced that it would start up a branch in Iran.[40]

On 16 April 2025 VTB Bank announced it had absorbed RNKB, which focuses its operations in Occupied Crimea. RNKB had 2 million clients at that date.[41]

On 18 April 2025 owing to a change in strategy VTB Bank called off its acquisition of Zvezda Shipbuilding Complex and said it would divest itself of United Shipbuilding Corporation. VTB would no longer be invested in reviving failed industrial concerns. Kostin cited guidance from the Russian Central Bank.[42]

Mergers and acquisitions

[edit]

VTB Bank took over 15 banks between 2002 and February 2019:

VTB24, Russian Post and Post Bank

[edit]
Transfer of cash from a VTB Bank branch

On 24 July 2015, an agreement, approved by Dmitry Medvedev, was signed between the bank president, director of Russian Post, Dmitry Strashnov, and Minister of Communications and Mass Media, Nikolai Nikiforov, on the Russian Post purchase of 50 percent minus 1 share of Leto Bank (Summer Bank) from VTB24, with the purpose of reorganising it into the National Post Bank. The remaining 50 percent plus one share will be owned by VTB24 of VTB Bank. VTB CEO Kostin suggested appointing Dmitry Rudenko, the current head of Leto Bank, as the head of Post Bank (Russia).

On 28 January 2016, sets of documents were signed between VTB24 and Russian Post on establishing the Post Bank. Russian Post purchased 50 percent minus one share of the newly established Post Bank through its 100 percent subsidiary. The remaining 50 percent plus one share is owned by VTB24 of VTB Bank. Dmitry Rudenko, the head of Leto Bank of VTB24, became the head of Post Bank (Russia).[51][52][53]

On 28 December 2017, VTB24 sells two shares to Dmitry Rudenko, the Chairman of the Board of Post Bank. VTB 24 and Russia Post have equal shares in Post Bank: each have 50 percent minus one share.[54] VTB24 has 1,062 branches.[55]

On 1 January 2018, VTB acquired VTB24. The integrated network has 1,350 branches.[56][57]

Sanctions

[edit]
See also: Russian financial crisis (2014–2016)

On 29 July 2014, the Office of Foreign Assets Control (OFAC) published that the Bank of Moscow and VTB Bank OJSC, the second-largest bank in Russia, has been added to the Sectoral Sanctions Identifications List.

On 31 July 2014, VTB Bank and its subsidiaries was added to the European Union sanctions list due to its role in the annexation of Crimea by the Russian Federation that same year[58] and the United Kingdom list from 1 August.[59]

On 6 August 2014, VTB was added to the Canadian sanctions list due to its role in the Russo-Ukrainian War and the downing of Malaysia Airlines Flight 17.[60]

On 13 August 2014, the United States clarifies entities under sectoral sanctions. United States increased its sectoral sanctions on VTB Bank together with its subsidiaries (“the VTB Group”) and the Bank of Moscow through its parent bank, VTB Bank OAO, and other entities that VTB has 50 percent or greater ownership either individually or in the aggregate, either directly or indirectly. Also, US persons cannot use a third-party intermediary, and they must use caution during "transactions with a non-blocked entity in which one or more blocked persons has a significant ownership interest that is less than 50 percent or which one or more blocked persons may control by means other than a majority ownership interest".[61]

On 1 September 2014, VTB was added to the Australian autonomous sanctions list for Russia, Crimea, and Sevastopol.[62][63][64]

On 12 September 2014, the United States issues a consolidated listing of directives associated with Executive Order 13662 sanctions during the Russo-Ukrainian war. For the Russian financial sector, Directive 1 was amended to increase the financial sanctions on the Russian financial sector for "all transactions in, provision of financing for, and other dealings" in new equity or new debt issued on or after 12 September 2014 to longer than 30 days maturity. New equity or new debt issued from 29 July 2018 until 12 September 2018 was sanctioned if longer than 90 days maturity.[65][66][67][68]

In 2015, the banks' chief Executive Andrei Kostin predicted loses for the bank in the years to come because of the plunging ruble accelerated by international sanctions.[69]

On 15 March 2017, Ukraine imposed sanctions against VTB Bank and subsidiaries because of the ongoing Russian interference in Ukraine.[70][71]

On 28 November 2017, the United States increases the Executive Order 13662 sanctions to the Russian financial sector. For the Russian financial sector, Directive 1 was amended to increase the financial sanctions on the Russian financial sector for "all transactions in, provision of financing for, and other dealings" in new equity or new debt issued on or after 28 November 2017 to longer than 14 days maturity. New equity or new debt issued from 12 September 2014 until 28 November 2017 was sanctioned if longer than 30 days maturity.[72]

On 27 November 2018, the National Bank of Ukraine declares the Ukrainian subsidiary of VTB Bank insolvent due to its declining liquidity and worsening financial position.[73]

On 25 June 2020 European Court of Justice rejected VTB and Sberbank bank's 2014 lawsuit against EU sectoral sanctions citing that regulators were within their aims of "imposing a cost on the Russian government" because of the latter's actions in Ukraine.[74][75][76][77]: 46  The court specified that ambiguity in some language versions of the regulation (that the bank argued were wrongly applied) doesn't prevent the court interpeting that section in a way best suited to the general purpose of the legislation, and precedent.[74]

In February 2022, amid the Russo–Ukrainian crisis, US and EU officials were reportedly finalizing an extensive package of sanctions on VTB bank and other related Russian entities.[78] On 24 February, after Russia launched a full-scale invasion of Ukraine, US president Joe Biden and British prime minister Boris Johnson announced new sanctions against VTB bank and its directors, along with other Russian individuals and companies.[79]

Corporate affairs

[edit]

Shareholders

[edit]

In February 2011, the government floated an additional 10% minus two shares of VTB Bank. The private investors, who paid a total of 95.7 billion rubles ($3.1 billion) for the assets, included the investment funds Generali, TPG Capital, China Investment Corp, a sovereign wealth fund responsible for managing China's foreign exchange reserves, and companies affiliated with businessman Suleyman Kerimov.[80]

In May 2013 VTB completed a secondary public offering (SPO), issuing 2.5 trillion new additional shares by public subscription. All shares were placed on Moscow's primary stock exchange. The government did not participate in the SPO, so its stake in the bank decreased to 60.9% after the subscription closed. The bank raised 102.5 billion rubles worth of additional capital. Three sovereign wealth funds, Norway's Norges Bank Investment Management, Qatar Holding LLC and the State Oil Fund of the Republic of Azerbaijan (SOFAZ) and commercial bank China Construction Bank became the largest investors during the SPO, after purchasing more than half of the additional shares issued.[22]

In 2017, the main shareholder of VTB was the Russian government,[25] which owned 60.9% of the lender through its Federal Agency for State Property Management. The remaining shares were split between holders of its Global Depository Receipts and minority shareholders, both individuals and companies.

2020 and onward

[edit]

As of February 2022, the bank reported that its stock shares were distributed in the following way:[5]

Executive management

[edit]

As of April 2022, its Management Committee (referred as VTB Bank Management Board or VTB MB) includes:

  • Andrey Kostin – Chief executive of the Bank (since 10 June 2002), President and Chairman of VTB Bank Management Board, Member of the Supervisory Council,
  • Andrey Puchkov (First Deputy President and Chairman of VTB MB)
  • Denis Alexandrovich Bortnikov (Deputy President and Chairman of VTB MB), son of Alexander Bortnikov, director of the Federal Security Service
  • Olga Dergunova (Deputy President and Chairman of VTB MB)
  • Valery Lukyanenko (Deputy President and Chairman of VTB MB)
  • Anatoly Pechatnikov (Deputy President and Chairman of VTB MB)
  • Maxim Kondratenko (Member of VTB MB)
  • Erkin Norov (Member of VTB MB)
  • Dmitriy Pianov (Member of VTB MB)

Supervisory council

[edit]

As of April 2022, VTB's Supervisory Council consists of Anton Siluanov (Chairman of the Supervisory Council), Matthias Warnig (member of the Supervisory Council),[8] Sergey Dubinin (member of supervisory council), Mikhail Zadornov (Member of Supervisory Council), Andrey Kostin (President and Chairman of VTB Bank Management Board), Shahmar Movsumov (Independent member of supervisory council), Igor Repin (Independent member of Supervisory Council), Alexander Sokolov (Member of Supervisory Council), Vladimir Chistyukhin (member of supervisory council), Mukhadin Eskindarov (Member of Supervisory Council).[81]

Financial data

[edit]

Consolidated Statement of Financial Position as at 31 December 2021: net interest income – 646,3 RUB billion, net fee and commission income – 90,0 RUB billion, operating income before provisions – 822,7 RUB billion, staff costs and administrative expenses – -308,8 RUB billion, net profit – 327,4 RUB billion.[82]

The 2022 results showed a loss of 612.6 billion rubles ($7.7 billion), mainly due to sanctions.[83]

Major subsidiaries

[edit]

Previously 100% owned VTB Capital (New-York, US etc.) was sold in September 2018[84]

VTB's major subsidiaries as of April 2022 were:

Company Share Notes
Insurance company VTB Insurance 100%
VTB-Leasing 100%
VTB Dolgovoi centre 100%
VTB Pension administrator 100%
VTB Factoring 100%
VTB Registrar 100%
Hals-Development 96.44%
VTB Arena 75.00%
VTB Real Estate 100%
VTB Bank (Austria) AG (incl. VTB Bank (Deutschland) AG, VTB Bank (France) SA) 100% Inactive[85]
VTB Bank (Armenia) 100%
VTB Bank (Belarus) 100%
VTB Bank (Kazakhstan) 100%
VTB Bank (Azerbaijan) 51%
Banco VTB Africa, SA (Angola) 50.1%
National Post Bank (ex. Leto Bank) 50% minus 1
Velobike (bike rental service) 100%
VTB Specialized Depository, CJSC 100%

Sports sponsorships

[edit]
The headquarters of VTB Armenia in Yerevan

VTB is one of the sponsors of all Dinamo Moscow sport clubs.[87]

Since 2017, VTB Bank has been the title partner of the Russian Formula 1 stage in Sochi – Formula 1 VTB Russian Grand Prix.

Since 2016, VTB has been the tennis tournament VTB Kremlin Cup.

VTB has also been the title sponsor of the VTB United League since 2008. Since 2005, VTB Bank has been the general sponsor of the Kamaz Master team, a team which has been active in re-known rally raid such as Dakar Rally, Silk Way Rally and Africa Eco Race.[88]

Since 2013, VTB Group has been supporting the Velobike, a bicycle-sharing system in Moscow, a project by the Department for Transport and Development of Road Infrastructure of the city. In 2018, the number of trips exceeded 3 million.

See also

[edit]

References

[edit]
  1. ^ a b c "IFRS financial results 2021" (PDF). VTB Bank. 22 February 2022. p. 134. Retrieved 22 February 2022.
  2. ^ 4-traders. "Bank VTB PAO company : Shareholders, managers and business summary - MOSCOW INTERBANK CURRENCY EXCHANGE: VTBR - 4-Traders". 4-traders.com.{{cite web}}: CS1 maint: numeric names: authors list (link)
  3. ^ a b "General Information - VTB Bank (PJSC)". VTB (in Russian). Archived from the original on 7 May 2019. Retrieved 18 February 2022.
  4. ^ "Реквизиты". VTB (in Russian). Retrieved 18 February 2022.
  5. ^ a b "Shareholder capital structure". VTB (in Russian). Archived from the original on 7 December 2018. Retrieved 18 February 2022.
  6. ^ "Структура группы ВТБ". VTB. Retrieved 18 February 2022.
  7. ^ "VTB Annual Report: VTB GROUP'S STRUCTURE" (PDF). 2019. Archived from the original (PDF) on 15 May 2021.
  8. ^ "VTB Group's structure – VTB Group Today – VTB Annual Report 2019". ar2019.vtb.com. 2019. Archived from the original on 30 September 2020. Retrieved 18 February 2022.
  9. ^ https://www.vtbbank.cn. {{cite news}}: Missing or empty |title= (help)
  10. ^ "FT Global 500 2011" (PDF).
  11. ^ "FT Europe 500 2011" (PDF).
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  15. ^ "FACTBOX-Armenia's economy". Reuters. 15 February 2008. Archived from the original on 22 April 2019. Retrieved 15 April 2019.
  16. ^ "В Промышленно-строительном банке назначены два новых заместителя председателя правления". РБК. 17 March 2006.
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  18. ^ VTB buys control of Slavneftebank for $25.4 mln
  19. ^ Norton, Guy (4 June 2007). "Russia: VTB puts on a good show with $8 billion IPO". Euromoney. Retrieved 16 April 2019.
  20. ^ "VTB buys controlling interest in Azerbaijani AF-Bank". Banki.ru. 9 December 2008. Retrieved 16 April 2019.
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  28. ^ Woodman, Spencer (5 November 2017). "Russian Connections: Kremlin-owned Firms Linked to Major Investments in Twitter and Facebook, The Russian government quietly held a financial interest in U.S. social media". International Consortium of Investigative Journalists. Retrieved 10 February 2018.
  29. ^ (in Ukrainian) Ukrainian "daughter" of Russian "VTB Bank" - bankrupt, Economical Pravda (27 November 2018)
  30. ^ https://www.reuters.com/article/markets/russia-s-vtb-says-basel-iii-to-cost-it-14-bln-roubles-a-year-idUSL8N1K43YD/. {{cite news}}: Missing or empty |title= (help)
  31. ^ Seddon, Max (14 August 2018). "VTB to buy rival Russian bank Vozrozhdenie". Financial Times. Retrieved 16 April 2019.
  32. ^ https://www.reuters.com/article/markets/europe/russias-vtb-asked-cbank-govt-to-revise-basel-iii-requirements-for-banks-ceo-idUSR4N1VM02A/. {{cite news}}: Missing or empty |title= (help)
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  36. ^ "VTB says Russian banks could get $52bn boost if country ditches Basel rules". 26 May 2022.
  37. ^ "VTB not planning share buyback from 'unfriendly' non-residents, as any buyback reduces capital - Pyanov".
  38. ^ "Russians' Cash Savings Reach All-Time Low – VTB". 4 December 2024.
  39. ^ https://www.business-standard.com/world-news/russia-s-vtb-says-on-track-for-record-profit-of-5-5-billion-in-2024-124122600540_1.html. {{cite news}}: Missing or empty |title= (help)
  40. ^ "Russian State-Owned VTB Bank to Open Branch in Iran".
  41. ^ "VTB shareholders have decided to reorganize VTB Bank by joining RNKB".
  42. ^ https://www.msn.com/en-us/money/companies/russian-state-vtb-bank-to-divest-non-core-assets/ar-AA1D8z9K. {{cite news}}: Missing or empty |title= (help)
  43. ^ "VTB becomes the sole owner of 100% stake in CJSC VTB Bank (Armenia)".
  44. ^ "Vneshtorgbank owns controlling interest in Promstroybank".
  45. ^ "VTB – VTB became the main shareholder of BCEN-EUROBANK". VTB.
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  48. ^ vtb buys control slavneftebank 254 mln
  49. ^ "VTB holds a controlling interest in AF Bank, Azerbaijan".
  50. ^ "VTB receives Central Bank and Federal Antimonopoly Service's permission to acquire Russian Post's stake in Pochta Bank".
  51. ^ "В России создан "Почта Банк": "Почта России" и ВТБ24 подписали пакет документов о создании "Почта Банка". В церемонии приняли участие генеральный директор "Почты России" Дмитрий Страшнов и президент – председатель правления ВТБ24 Михаил Задорнов" ["Post Bank" was created in Russia: "Post of Russia" and VTB24 signed a package of documents on the establishment of "Post Bank." The ceremony was attended by General Director of Post of Russia Dmitry Strashnov and President and Chairman of the Board of VTB24 Mikhail Zadornov]. Post Bank website (in Russian). 28 January 2016. Retrieved 12 February 2018.
  52. ^ "В России создан Почта Банк" [In Russia established Post Bank]. VTB24 (in Russian). 27 January 2016. Retrieved 12 February 2018.
  53. ^ "Banks: Company Overview of PJSC Post Bank". Bloomberg. Retrieved 12 February 2018.
  54. ^ "ВТБ и "Почта России" стали паритетными владельцами Почта-банка" [VTB and "Russia Post" became parity owners of Post Bank]. RNS.online (in Russian). 29 December 2017. Retrieved 12 February 2018.
  55. ^ "VTB 24: About". VTB 24 website.
  56. ^ "Banks: Company Overview of Bank VTB 24 Public Joint-Stock Company". Bloomberg. Retrieved 12 February 2018.
  57. ^ "ВТБ завершил присоединение ВТБ24" [VTB completed the merger of VTB24]. VTB website (in Russian). 8 January 2018. Retrieved 12 February 2018.
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  83. ^ "Major Russian Bank VTB Reports $7.7 Billion Loss Due To Sanctions". Radio Free Europe/Radio Liberty. 5 April 2023.
  84. ^ "ВТБ продал свою "дочку" в США ее руководству". Deutsche Welle (in Russian). Retrieved 18 February 2022.
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  88. ^ "КАМАЗ-Мастер: ралли Париж-Дакар, Шелковый путь - новости раллийной команды КАМАЗ-Мастер на официальном сайте ВТБ России".
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