Press release

19 December 2003

Statement on talks with Russia's Vneshtorgbank

The European Bank for Reconstruction and Development today issued the following statement:

The process of negotiating the terms and conditions under which the EBRD may acquire a stake in Russia’s Vneshtorgbank continues, and the EBRD is very satisfied with the cooperation shown by VTB’s management so far. The EBRD plans to start formal negotiations with VTB’s owner, the Russian government, by the end of January 2004.