VTB Bank to profit from VTB24

Business Materials 28 October 2011 18:13 (UTC +04:00)

Azerbaijan, Baku, Oct. 28 / Trend , N.Ismayilova /

The Russian VTB Bank expects in the coming years to bring VTB (Azerbaijan) to profit through the use of VTB 24's experience, member of the Board of VTB Bank Olga Dergunova said in Baku today.

"We are confident that with the experience of VTB24 on retail development, we will reach breakeven results in the next year or two," Dergunova said.

She said the unprofitability of VTB (Azerbaijan) in its first years of activity is a normal.

"Certainly, when we entered the market of Azerbaijan, there has been developed a five-year business strategy, planning loss that we see today. We are not afraid, because we had planned and expected it," she said.

VTB is a dynamic international financial group, represented in 21 countries in Western Europe, Asia and Africa.

VTB Bank is the core of the VTB Group and one of the leaders of Russia's banking sector.