Russia’s VTB Bank has completed the acquisition of a 40% stake in system integrator Technoserv Group.

The financial details of the deal were not disclosed by the companies.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The acquisition was completed after VTB received approval from Russian Federation’s Federal Antimonopoly Service.

With the transaction now complete, VTB can appoint its representatives on the Technoserv Group’s Board of Directors.

The deal is expected to boost the bank’s technological expertise and significantly increase VTB Group’s capability to introduce new products and services.

VTB also expects the acquisition to have a positive impact on its overall financial performance.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Technoserv Group chairman of the board Alexey Ananiev said: “VTB is Russia’s leading banking group with which Technoserv has a long-standing relationship as a major client and a financial partner.

“This transaction makes VTB a strategic partner in the development of our business in the open IT market.

“Moreover, the potential of Technoserv as one of the largest domestic system integrators will be realised as a priority in the development of digital services of VTB Group and its affiliated companies.”