Streamlining its operations in Western Europe subsidiaries, JSC VTB Bank has completed the disposal of its 100% holding in Russische Kommerzial Bank AG (Switzerland) to Gazprombank OJSC.
The deal was approved by regulatory authorities of Switzerland.
Russische Kommerzial Bank AG was established in 1992 in Zurich. It is focused on commercial lending, Russian project finance and international trade. As of 31 December 2008, Russische Kommerzial Bank AG assets amounted to CHF 2.4 billion, loans and other funds provided to customers – CHF 1.8 billion, with share capital at CHF 101 million.
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