VTB Streamlines With Sale of Russische Kommerzial Bank AG

A recent announcement by Russia's VTB bank has revealed the sale of Russische Kommerzial Bank AG by the troubled state-owned financial institution. VTB will have difficulty posting a profit this year, and the sale is meant to reduce losses and allow VTB to streamline its business. Prior to the sale, Swiss-based Russische Kommerzial was owned 100% by VTB. The divestiture puts control of the bank under its new owner, Gazprombank.

Terms of the sale, which needed approval from the Swiss government, have not been made public.

Russische Kommerzial Bank AG (www.rkb.ch)
Russische Kommerzial Bank AG, a.k.a. Russian Commercial Bank (RCB), was founded in 1992 in the midst of sweeping political and economic changes in Russia. One of the goals for RCB was to continue Russian involvement in the Zürich financial markets, a goal which is still maintained today. The bank provides all services of a licensed commercial bank including securities, money markets, and FOREX trading. They offer account services in Swiss Francs, U.S. Dollars, Euros and other currencies.

Gazprombank OJSC (www.gazprombank.ru)
Established in 1990, Gazprombank was originally begun by gas producer and exporter Gazprom as a means of providing banking services to other companies in the gas industry. Today is is one of the top three banks in Russia, providing banking services to more than 43,000 corporate clients and 2 million individuals. With its 5 affiliated banks Gazprombank services 40 branches throughout Russia.