JSC VTB Bank completed the restructuring of MultiCarta LLC through the takeover of TransCreditCard LLC, VTB informed.
The merged company will continue its operations in Russia's market of processing services under the MultiCarta brand.
The companies were merged as part of TransCreditBank's integration into VTB Group. Technically, TransCreditBank and VTB 24 will be merged in November 2013. Large and medium-sized business clients will be serviced by VTB Bank, small businesses and individuals by VTB 24.
JSC VTB Bank (tax number: 7702070139) ranks second largest Russian bank after Sberbank in terms of assets. The state's share in its authorized capital is 75.5%. In Russia, VTB Group performs banking operations through one parent bank (VTB Bank) and six subsidiary banks (the largest of them being VTB 24, the Bank of Moscow and TransCreditBank). Outside of Russia, the group performs operations through 15 affiliated banks located in the CIS countries (Armenia, Ukraine (2 banks), Belarus (2 banks), Kazakhstan and Azerbaijan), in Europe (Austria, Cyprus, Germany, France, the UK, and Serbia), Africa (Georgia, Angola) and through two representative offices located in Italy and China, through its branches in China and India and through two VTB Capital Plc. branches in Singapore and Dubai.
IFRS net profit of JSC VTB Bank for 2012 grew by 0.1% to RUB 90.6 billion. Net interest margin for the accounting period increased by 8.4% to RUB 227 billion. Operating profit of VTB before provisions increased by 28.9% to RUB 369.5 billion.
IFRS net profit of VTB Bank for Q1 2013 decreased by 32.6% to RUB 15.7 billion from RUB 23.3 billion for the same period in 2012. Net interest margin increased by 36.7% to RUB 73.8 billion from RUB 54 billion for Q1 2012. Net fee and commission income increased by 11.7% to RUB 11.5 billion from RUB 10.3 billion.
MultiCarta LLC is a processing company established in 1994. MultiCarta operates as a processing hub providing the whole range of information and technical services related to non-cash transactions involving plastic cards to its clients (financial credit institutions).