VTB Bank reaches out to Yekaterinburg shareholders
Approximately 200 shareholders and residents of the region attended the meeting. It was the second meeting of its kind held in the Sverdlovsk region, with the last similar event held in October 2010.
During the meeting, VTB Bank and VTB24 representatives addressed the shareholders, discussing the most urgent VTB Group development issues. One of the major issues discussed at the meeting was VTB Bank's share buyback program from the minority shareholders that started on March 12. Meeting participants were provided with detailed information on key terms, timing and parameters of the buyback.
"It is very important for the bank to maintain on-going communication with its shareholders and provide them with all the required information, including such important issues as the share buyback," Elena Popova, a member of the VTB Shareholders Consultative Council, said. "I am sure that in the current situation the decision to buy back the shares, which is now being implemented by VTB Group, is a correct and reasonable step, which also has large social importance and in many ways offsets the unsuccessful experience of many shareholders, who participated in VTB Bank's IPO".
VTB Bank holds regular meetings with its Russian shareholders throughout the country as a part of the company's information transparency policy.
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