VTB Bank JSC Belgrade to change its name to API Bank JSC

October 19, 2018, Belgrade. – Belgrade based VTB Bank has changed its name to API Bank (full name API Bank JSC Belgrade) following its acquisition by AZRS Invest doo owned by Mr. Andrey Shlyakhovoy on July 25, 2018.

 API Bank will further develop its international business by strengthening ties with the European, Russian and Asian financial markets. The bank will continue to operate as a universal bank offering the whole spectrum of banking products with particular focus on corporate loans, documentary business, international payments and currency exchange service. API Bank is going to focus on enhancing its online products both for corporate and retail clients.

API Bank highly values its customers and will continue to provide personalized support to every client. All bank details important for client’s business including its identification number, account numbers and contact information will stay unchanged. Existing payment cards remain valid until the expiry date.

In the first nine months of 2018 API Bank has generated a net profit of RSD 85 Mio, total assets stand at RSD 11 Bn and capital adequacy ratio reached 22,13 % which is significantly above the regulatory requirement of 8%.

Andrey Shlyakhovoy, the Bank’s shareholder and Chairman of the Board of Directors says:
This is good start for our team, because interest in the region from foreign investors is growing over the recent years and I see strong catalysts for using technologies for the benefit of Serbian financial sector and economy’s support. With the new name and expanded management team, we at API Bank are going to focus on developing innovative digital solutions for international business and a unique service platform which our client will be able to access worldwide”.

About Mr. Andrey Shlyakhovoy

 Andrey Shlyakhovoy is a PhD in Economic Sciences at the Russian Academy of Sciences and a successful Russian businessman with thirty years of professional banking experience. He is the owner of two Russian banks, and during his long-term career, he participated in the establishment and management of significant banking systems in the Russian Federation, but also in foreign markets.

Mr. Shlyakhovoy started his rich professional career by working as a University professor at the University of Economics and Law in Khabarovsk and has won numerous and prestigious awards in the field of economics in banking. Mr. Shlyakhovoy has a number of state awards, including Honored Economist of Russian Federation form the President of Russia.