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Vneshtorgbank, Bank of China sign cooperation agreement

17 May 2002

Vneshtorgbank (VTB) and the Bank of China on May 14 signed a cooperation agreement, determining the development of relations between the two banks over the next few years, in Beijing Tuesday, VTB said in a press release.

The agreement was signed during the visit of VTB President and Chairman Yury Ponomarev, who took part in the annual meeting of the Asia Development Bank.

The agreement aims to improve settlement systems and the client loan mechanism of banks handling foreign trade deals between Russia and China, VTB said.  A Vneshtorgbank office has operated in Beijing for over seven years.

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