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RUSSIA'S ECONOMY

Russian Post and VTB 24 ink Post Bank creation

The Russian Post represented by its 100% subsidiary, acquired 50% minus one share in the future Post Bank

© Evgeniy Kurskov/TASS

MOSCOW, January 28. /TASS/. The Russian Post and VTB 24 signed documents on establishing Post Bank. General Director of the Russian Post Dmitry Strashnov and VTB 24 President - Chairman of the Board Mikhail Zadornov attended the official ceremony held in TASS on Thursday.

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Russia's Post Bank development strategy to be ready by May 2016

According to Zadornov, Post Bank is going to start providing banking services to the public in March of 2016. "If we are talking about Post Bank providing services directly in the offices, we expect to have the first clients in early March," he said.

According to Zadornov, new offices of Post Bank will have a basic set of products and services that are currently presented in Leto bank (VTB bank subsidiary). "The clients will be able to open a deposit, to apply for a bank card. This also includes the basic lending products," Zadornov said.

Zadornov also did not rule out that the bank could sell federal loan (OFZ) bonds to the public, if the government in 2016 launches the correspondent project.

In particular, according to Strashnov existing offices of Leto bank will start working under the new brand in March. The process is to begin in Moscow, St. Petersburg and other cities with a million-plus population.

President - Chairman of the Board of Leto Bank Dmitry Rudenko said that the profit of the Post Bank will total 20 bln rubles ($260 mln) by 2023. "The profit will be around 20 billion rubles. Loan volume target will be slightly more than 400 billion rubles ($5.3 bln) by the end of 2023, the volume of deposits will be 600 billion rubles ($7.9 bln)," Rudenko said.

The Russian Post represented by its 100% subsidiary, acquired 50% minus one share in the future Post Bank. The deal was approved by the Russian Central Bank, the Federal Antimonopoly Service and the Ministry of Telecom and Mass Communications.

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The Post Bank is based on VTB 24 subsidiary Leto Bank. Dmitry Rudenko is going to head the institution. The supervisory board will consist of the representatives of the Ministry of Telecom and Mass Communications, the Russian Post, and VTB Group.

More than 20,000 Post bank windows are planned in 15,000 post offices in the first three years of operation. In 2016 - at least 6,500 windows in 3,500 post offices.

"The first attempts to open a Postal bank in Russia were made over 15 years ago, all without success. Creating Post Bank will increase the availability of financial services for the residents of the whole country, attract funds that are in hand-to-hand circulation, as well as increase competition in the financial services market," Strashnov said. He added that the establishment of the bank will allow the Russian Post to receive additional funds that can be used, among other things, for increasing the salaries of employees. In particular, in 2016 the Russian Post can already receive infrastructure payment he usage of post offices for at least 1 bln rubles ($13.07 mln).

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