Bloomberg News

VTB, Russian Post May Set Up Bank Venture, Kommersant Says

June 01, 2012

Russia’s Federal Property Management Agency proposed that OAO VTB (VTBR), a state-run lender, consider forming joint venture with Russian Post to work in the country’s regions, Kommersant said today, citing a letter from the agency’s acting head Gleb Nikitin.

Another state-run lender, Vnesheconombank, or VEB, was in charge of creating a nationwide bank based on the postal network, but froze the project recently, the newspaper said.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net


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