Bank CIT Finance to sell portfolio to VTB 24

Bank CIT Finance BOD approved of the terms of the agreement the bank is to sign with Bank VTB 24 regarding the sale of the bulk of its mortgage portfolio.

The portfolio amounts to 34bn RUR. The agreement will probably be completed before the end of 2011 through a transfer of mortgages to Bank VTB 24 in several stages.

All the money thus obtained will be directed to paying the bank’s creditors, namely, the Deposit Insurance Agency State Corporation and Russian Railways Public Company,’ says Chairman of Bank CIT Finance BOD Yuri Novozhilov.

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