business and economy

VTB to open subsidiary in Kazakhstan

By SRI ⋅ September 1, 2008 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

(SRI) - Vneshtorgbank (VTB), Russia’s second largest bank, has received permission from the Kazakh financial regulator to establish operations in the country, the chair of the Financial Supervision Agency said on Friday.

“An approval has been granted (for VTB) to open a subsidiary in Kazakhstan,” a spokesman for the Financial Supervision Agency said. VTB opened its representative office in Almaty in February this year.

VTB has said earlier this year it planned to expand across the former Soviet Union.

Besides VTB, FSA chair Kuat Kozhakhmetov said, Austrian Raiffeisen is also getting permission to open its subsidiary.

Tags: banking, VTB

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