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Vtb bank

The meaning of «vtb bank»

VTB Bank (Russian: ПАО Банк ВТБ, former Vneshtorgbank, lit. foreign trade bank) is one of the leading universal banks of Russia. VTB Bank and its subsidiaries form a leading Russian financial group – VTB Group, offering a wide range of banking services and products in Russia, CIS, Europe, Asia, Africa, and the U.S.

VTB was ranked 446th on the FT Global 500 2012,[3] 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,[4] and to 127th in the FT Emerging 500 2014, the list of the 500 largest companies on the world's emerging markets. The Moscow-based bank is registered in St. Petersburg.

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.[5]

In 2004, the bank acquired a majority stake of 85.8% in Guta Bank, which was reorganised into a retail bank, Vneshtorgbank 24 (VTB24).[6] The bank also acquired the Armenian Armsberbank, which was later renamed VTB Armenia.[7] 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,[8] 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.[9] The bank also took over Slavneftebank in Belarus and later renamed it VTB Belarus.[10] 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.[11]

In 2008, the bank acquired a 51% stake in AF Bank in Azerbaijan from AF Holding International, later renaming it VTB Azerbaijan.[12] In 2010, the bank's board approved the phased acquisition of TransCreditBank from Russian Railways.[citation needed] 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.[13]

In 2011, VTB invested more than $191 million for shares in the Isle of Man company DST Investment 3[14] which was roughly than half of the funds in Yuri Milner's DST Global.[15] This led to Milner's large stake in Twitter.[15][14] Kanton had almost no investment in Twitter.[15] DST Investment 3 also issued shares to Alisher Usmanov's Kanton that were used to support the Kremlin's investment in Facebook.[15]

On 7 May 2014, VTB transferred most of its DST Investment 3 to Kanton.[15][16]

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