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Vneshtorgbank and the First Bank of Nigeria Plc have Signed a Memorandum of understanding

5 August 2004

Vneshtorgbank and the First Bank of Nigeria have signed a Memorandum of understanding in Abuja (Nigeria).

The agreement focuses on strengthening business relations between VTB and the First Bank of Nigeria to create favourable conditions for the develoment of external turnover bank services between Russia and Nigeria.

The banks have agreed to develop mutual actions in the financing of trade operations, crediting, and cooperation in the sphere of investments.  In particular, included in this agreement VTB and the First Bank of Nigeria are examining the possibility of cooperation in financing the trade operations of their clients in the oil and gas industry, telecommunications, transport and power engineering, including the use of accredited forms of accounting.

The First Bank of Nigeria was established in 1894.  The First Bank of Nigeria remains the clear leader in Nigeria`s banking sector and is one of the most important creditors of Nigeria`s economy.  The bank also provides a complete range of bank services for their clients.

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