OREANDA-NEWS. July 4, 2011. TransCreditBank, VTB24 and the Bank of Moscow have signed an agreement to combine ATM networks. Starting from July 1, 2011 customers of the three banks will be able to withdraw money from ATMs with no surcharge. Fees may apply to other ATM transactions.

Mikhail Zadornov, President - Chairman of the Board of VTB24, said: “The number of ATMs in the combined network amounts to 10,000 machines. This will give us a strong competitive advantage, as customers are looking for banks with a broad ATM network. In 2012, we expect to complete integration of the three banks’ processing systems, which will allow us to offer our customers expanded functionality, including ATM cash deposits, payments, and transfers, and offer such services at reduced rates or with no surcharge.”

Yuri Novozhilov, TransCreditBank’s President and Chairman of the Management Board, said: “This is the first joint project by TransCreditBank, BTB24 and the Bank of Moscow. TransCreditBank’s customers will certainly benefit from the access to one of the largest ATM networks in Russia, while cardholders of VTB24 and the Bank of Moscow will now be able to withdraw cash at all railway stations and large railway hubs across Russia.”

The combined ATMs network is comprised of ca 10,000 machines located in 650 communities across Russia. TransCreditBank, VTB24 and the Bank of Moscow expect increased customer traffic and the number of transactions in the combined ATM network.

JSC VTB Bank owns 98.9% shares in VTB24. JSC VTB Bank owns 43.2% shares in TransCreditBank, acquired in December 2010, and plans to purchase up to 75% - 1 share in Q3:2011. JSC VTB Bank holds 46.5% shares in the Bank of Moscow; it also owns 25%plus1 share in the Metropolitan Insurance Group, which in its turn, holds 17.3% in the Bank of Moscow.