VTB Bank Branch in Shanghai held an international conference VTB Group: Synergy of the Bank and Business in China, during which the participants discussed latest changes in the policy of the People's Republic of China on using payments denominated in national currencies and new opportunities of trade financing between Russia and China.
Over 100 representatives of Russian and Chinese companies attended the event, including VTB top managers: Gurinder Nihal, Senior Vice President and Head of Global Transaction Banking, and Chaba Zentai, Senior Vice President and Head of Regional Network Department.
VTB representatives informed the audience on the new products and services offered by the bank’s Shanghai branch, and joint decision of VTB Group’s banks on trade financing for the People's Republic of China, Russian Federation, and the CIS customers.
| Alexander Milyukov,
Manager of Shanghai Branch
“The Chinese market is of paramount importance to us. In 2008 we made a serious decision to enter the Chinese market and to remain there for a long time; thus we became the first Russian bank operating in the country with one of the most fast-growing economies of the world. Today we not only back commercial operations of the two countries, but also provide a set of banking services whose number is rapidly growing” - Alexander Milyukov, Manager of Shanghai Branch, said in his speech.VTB Bank’s partners in China - Chinese financial institutions such as China Foreign Exchange Trade System, Sinosure China Export and Credit Insurance Corporation, Harbin Bank - also attended the conference.
Active work of existing and potential clients from Russia, the People’s Republic of China, and the CIS in the interactive sessions of the conference agenda, variety of topics discussed, and case study analysis based on a group of transactions proved the efficiency of VTB Group’s synergy in the PRC, which contributes to improving the services provided to international trade of China with Russia, the CIS and Georgia.
In the second half of 2012 VTB Bank Branch in Shanghai plans to start operations in Chinese yuan, meanwhile that conference has become a good platform for the presentation of new promising products, including international settlements and financing in Chinese yuan and ruble-denominated transactions for its Chinese customers.
JSC VTB Bank with its subsidiaries (VTB Group or the Group) form a leading Russian financial group offering a wide range of banking services across Russia, the CIS region, and in the countries of Western Europe, Asia and Africa.The bank’s core shareholder is the Russian government holding 75.5% stake in the Group’s equity through the Federal Agency for State Property Management.VTB Bank Branch in Shanghai (China) started operations in March 2008. It is the first branch of a Russian bank in the territory of the People’s Republic of China. Its core tasks are to service goods turnover between Russia and China, foreign trade operations of Russian companies developing their business in China, as well as Chinese companies operating in the Russian market.