1 March 2004
Vneshtorgbank and Central Telegraph Inc. have declared today to enter into a Co-operation agreement.
The Agreement stipulates basic lines of co-operation between Vneshtorgbank and Central Telegraph Inc. Under the terms of the Agreement, VTB will render comprehensive banking services to Central Telegraph Inc. and its subsidiaries, including lending services, financing support to investment projects and programmes, handling foreign trade, as well as services related to securities trading, consulting and information services in projects jointly implemented by the Parties.
Within the framework of the Agreement, VTB`s participation is envisaged in programmes on equipment modernisation, construction, rehabilitation and other projects of Central Telegraph Inc., including, Vneshtorgbank`s capabilities in servicing international business and export-import operations of the group.
The Parties envisage arrangement of design and implementation of projects involving use of VTB-issued bankcards, and banking services to be rendered to the staff of the Central Telegraph and its subsidiaries.
With a view to make more efficient performance of Central Telegraph Inc. and its subsidiaries, Vneshtorgbank will provide the group enterprises with up-to-date finance management technologies, and render assistance in improving the existing international and domestic payment systems.
Mr. Igor Zavialov, Deputy Chairman, for Vneshtorgbank, and Mr. Vaagn Martirosian, Director General, for Central Telegraph Inc. signed the Agreement.
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