The FINANCIAL — According to APA-Economics, Russia’s Vneshtorgbank (VTB) intends to penetrate Azerbaijan’s banking sector by 2010.
The bank plans to acquire a lion’s share in one of the local lending institutions for $30 million to $40 million.
According to the bank’s plan, it would not be efficient and effective to buy an independent bank it is useful to take a stake in one of the leading banks.
VTP plans to invest $500 million by 2010 for expansion in the CIS area.
The bank plans to allocate $50 million to $80 million to take a stake in Kazakhstan, $15 million to $20 million in Uzbekistan, $3 million to $5 million in Kyrgyzstan and $15 million in Moldova.
VTB has 4 subsidiaries in the CIS area- VTB Bank Ukraine, VTB Bank Belarus, Bank VTB Armenia and BANK VTB Georgia.
