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President of Russia Vladimir Putin: Mr Kostin, what are the results of your work?

VTB CEO Andrei Kostin: Mr President, I believe that our work is quite effective. We have fulfilled all our plans. We have earned record-breaking profits. We have completed the bank’s digital transformation, and it has now become a completely different bank in terms of modern technology.

In late 2023, our bank’s Supervisory Council approved a new strategy for the next three years. It still prioritises loans for the real sector of the economy, primarily the high-tech and import substitution sector, as well as cooperation with small and medium-sized businesses and active work with the population, including in the regions.

We have made operations in the regions our priority for the next three years. Today, our bank’s network covers about 50 million people. We are planning to increase their number to 100 million in three years. We want to open 300 new offices in the next three years, including 200 offices in locations where we are now absent (primarily small and medium-size cities). We are planning to set up our offices in all 89 regions of the Russian Federation and about 700 cities three years later. These are our plans for the next three years.

Vladimir Putin: Are you working in Donbass and Novorossiya?

Andrei Kostin: We have heard your call and are opening our offices there already this year.

I would also like to say a few words about Crimea. Our subsidiary, RNKB bank, which is the largest in Crimea, functions there. We established it some time ago. The bank provides services to about 2.5 million clients and about 100,000 small and medium-sized businesses. We have decided to merge with this bank because our objectives are becoming more ambitious. The Crimean region is developing rapidly. So in early 2025, VTB will replace RNKB in Crimea. We have made the relevant decisions.

Vladimir Putin: Very good.

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