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Vneshtorgbank shareholders to discuss reorganization
RBC, 18.09.2006, Moscow 09:25:58.Vneshtorgbank (VTB) shareholders will gather today for an emergency meeting in Moscow to discuss the bank's reorganization in the form of incorporating the St.-Petersburg based Industrial-Construction Bank (ICB). The decision was made by the VTB Supervisory Board on August 16. The shareholders will discuss changes to the bank's articles of association in connection with the planned reorganization, as well as draft regulations on new VTB branches to be created on the basis of the ICB branches. They will also consider some other issues, including the splitting of VTB's ordinary registered shares and approval of interested party transactions. The shareholders of the Industrial-Construction Bank will also meet today to discuss issues connected with the planned reorganization. In late 2005 VTB increased its stake in the ICB to 75 percent plus 3 shares. On 3 March, ICB shareholders elected a new Supervisory Board which to include seven top managers of VTB. The composition of the new board was approved by the annual general meeting on 30 June. It is chaired by VTB CEO Andrei Kostin.
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