VTB Bank has successfully implemented a Centralized Treasury Management System for RosTek. RosTek will be able to instantly receive information on the state of its accounts, as well as accounts of its subsidiaries, and remotely manage these accounts via electronic channels offered by VTB.
Head of Global Transaction Banking at VTB
The system has also been designed to establish the efficient cash and account balance management for the client and its diversified branch network. It will enable RosTek to control its external and internal cash flows and achieve a decent level of return on cash balances.
Gurinder Nihal, Head of Global Transaction Banking at VTB, says: “At the moment VTB and RosTek are expanding cooperation to liquidity management products adding value to the implemented Treasury Solution for the client. VTB strives to continue providing innovative solutions for clients aimed at improving the efficiency of their working capital.”
Cooperation between RosTek and VTB has been dynamically growing since July 2008 from basic cash management services to sophisticated solutions which have just been set up.
Federal State Unitary Enterprise RosTek was established by the Federal Customs Service following the order of the Russian government in 1992. The company’s activity is controlled by the government and is focused on the implementation of a number of government objectives in the field of customs policy. Currently, the system of enterprises RosTek is a single diversified vertically integrated holding company, which operates in all federal districts of the Russian Federation and consists of the parent company, 13 branches and 35 private limited liability companies and limited liability companies, which employ about 7,000 highly professional employees.