The state-run foreign trade bank and the St. Petersburg-based bank announced that it would switch to a common share regime on March 28.
Yevgeny Novikov, Promstroibank's deputy board chairman, said earlier that shareholders unwilling to swap their shares for VTB stock would be able to sell them to Promstroibank at a fixed price.
He said bank's shareholders would convene for an annual meeting in late May to set the fixed price of share repurchase and added that the offer to shareholders to sell their shares could equal no more than 10% of Promstroibank's equity capital.
In late 2005, VTB increased its stake in Promstroibank to 75% plus three shares.
Promstroibank, which has 54 branches in 26 regions of Russia, said its pre-tax profit had jumped 24.6% in 2005, year-on-year, to 4.3 billion rubles (about $140 million) compared with 3.45 billion rubles (about $105 million).
The bank's shareholders' equity increased 61.2% in 2005 to 14.43 billion rubles (about $490 million) compared with 8.95 billion rubles (about $283 million) in 2004.
Promstroibank is on a list of the country's top thirty banks published by the Central Bank of Russia.
