MOSCOW: Russia's second-largest bank VTB will invest 16 billion roubles ($234.6 million) in Postal Bank, a project it is creating in partnership with Russia's state-run Russian Post, VTB's chief executive said on Monday.
VTB's Andrey Kostin added to reporters that he hoped Postal Bank could break even from 2016. The new Postal Bank will have one of the largest branch network in the country, thanks to Russian Post offices.
Postal Bank will be created using Leto Bank, a lender that is already part of VTB Group, as a base. Russia's Sberbank is now the country's top lender by assets and branch size.
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