Under a strategic re-branding program intended to support the bank's national and international growth plans, Russia's Vneshtorgbank and a number of its subsidiaries will soon be operating under a single VTB brand.
At present, the VTB Group comprises three major Russian banks (Vneshtorgbank, Vneshtorgbank 24, Promstroibank), seven banks located in western Europe, four banks in CIS countries, and offices in Africa.
Under the rebranding, Vneshtorgbank and its subsidiaries with more than 50% participation will operate under the single brand, and Vneshtorgbank’s retail business will be developed in Russia under the VTB 24 brand.
Vneshtorgbank said that the rebranding is an important stage in the bank’s development strategy. Ultimately, the VTB Group wants to become a leading national banking group and a universal lending institution engaged in all key segments of the banking market, including corporate banking, SME financing, household lending and investment banking services.
The group believes that a single brand will be an important tool for ensuring further business efficiency and a greater share of the Russian and international banking markets.
Also in line with its development strategy, in the coming two years, the VTB Group will focus on developing its foreign-based offices in other CIS countries through acquisition of banks in Kazakhstan, Belarus and Azerbaijan. The group also hopes to establish new entities and substantially expand in the Asia-Pacific region, and is planning new offices in China, India and Vietnam.