VTB Bank has successfully completed a pilot project of the integrated treasury concentration solution for VSK Insurance House.
The main focus of the project was to concentrate cash flows of VSK’s branches and get more control over operating cash.
The pilot project, designed for 34 regional branches of VSK, is aimed at bringing treasury function of the insurer to a new level of control and efficiency. It combines a Centralized Treasury Management System and Cash Concentration Solution (zero balancing). VTB and VSK are currently discussing the project expansion to a countrywide network, comprising over 850 branches.
Gurinder Nihal, Head of Global Transaction Banking at VTB says: “We at VTB are very delighted to help one of our key clients to improve its treasury function. We hope to continue adding our value to the company’s treasury. As the cooperation develops, we’ve been considering further projects, e.g. VTB has been working on facilitating VSK’s cyber sales expansion with our internet acquiring solution.”
Head of Global Transaction Banking JSC VTB Bank
VSK has been banking with VTB since 2001. Currently, along with the traditional cash management projects, the companies are developing partnership in bank guarantees and reinforcing cooperation in the transaction banking sector.
At the same time VTB actively uses VSK’s services for the insurance of the collateralized property of its borrowers.
“We are successfully cooperating with VTB in all Russian regions. Our insurance products help VTB to provide its clients with a full complex of financial services and secure loan repayment,” Roman Frolov, VSK Deputy Chief Executive Officer, said.
VTB Group (JSC VTB Bank and its subsidiaries) is the leading Russian financial group offering a wide range of banking services and products across Russia, certain CIS countries and Georgia and in selected countries of Western Europe, Asia and Africa.
VTB Bank’s major shareholder is the Government of the Russian Federation having in the face of the Federal Property Management Agency 75.5% of the share capital.
VSK Insurance House, established in 1992, is one of the largest Russian insurance companies, offering over 100 modern insurance services. More than 4,500,000 individuals and 130,000 companies chose VSK as their insurance partner. VSK has more than 840 branches in all Russian regions, all being parts of one legal entity.