May 25 Board of Directors of CIT Finance Investment Bank (JSC) approved the terms of the transaction with the bank VTB 24 (JSC) for the sale of the main part of the mortgage portfolio. Size of the portfolio is 34 billion rubles. The transaction will be completed before the end of 2011 through the gradual transfer of mortgages on the balance of bank VTB 24. Mikhail Zadornov, Chairman and CEO of VTB 24: "The acquisition of the mortgage portfolio VTB 24 will significantly strengthen its position in the mortgage market, as well as to attract more than 30 thousand new customers, giving them a complete and quality service in an extensive regional network of VTB 24. High level of service, full service, new technologies and products, convenient location offices VTB 24 will allow mortgage borrowers to find in our bank a reliable partner. " Yuri Novozhilov, Chairman of the Board of Directors of CIT Finance Investment Bank (OJSC): "Bank KIT Finance continues to stay the course, trying to prematurely settle with its creditors in the face of CC DIA and RZD. All the proceeds for this transaction will be used to repay obligations to major creditors of the bank. " Andrei Degtyarev, CEO of CIT Finance Investment Bank (OJSC): "We are pleased that we managed to reach an agreement with such a reliable partner as VTB 24. Preparing for the transaction and discussions with stakeholders were long and complicated, but the result we are fully satisfied. In addition, very important to us that our clients have received previously a mortgage bank KIT Finance, will receive high-quality and full service bank VTB 24 ".
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