The government of Russia has given the go-ahead to the creation of Post Bank, a joint venture between VTB and Russia’s state-run postal service.

The new venture, which is expected to commence operations in 2016, will offer banking services using the 42,000 offices operated by Russian Post.

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With such strong branch network, Post Bank will be in a strong position to compete with Sberbank, which operates with nearly 17,000 branches throughout the Russia.

Also, VTB is expected to planning to merge its subsidiary Leto Bank into the new bank.

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