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Vneshtorgbank is to cooperate with the Russian Academy of Sciences

6 August 2004

Vneshtorgbank and the Russian Academy of Sciences (RAN) have signed a cooperation agreement in order to increase the efficiency of the application of modern information technology.

The signing of this Agreement is intended to further improve the administrative systems and increasing the automation of Vneshtorgbank`s operations.

Within the framework of the Agreement Vneshtorgbank is to cooperate with the Institute of Informatics Problems (IPI) RAN. IPI RAN and other organizations of the Russian Academy of Sciences will analyse the state and efficiency of the use of modern information technology at VTB and to define rational ways for their improvement; for developing and implementing concepts and programs for electronic information technology development  at VTB , including carrying out research and developmental work, and also examining projects and other materials prepared in the interests of VTB by third parties.

The Senior Vice-president of Vneshtorgbank, Andrey Korotkov, at the signing of the Agreement noted that "in order to compete successfully with Western banks following the liberalisation of Russian banking and currency legislation, an increase in the efficiency of VTB`s activities should be based on a wide application of automative means. Vneshtorgbank will make use of the high level of scientific potential and experience of the Russian Academy of Sciences in introducing modern technologies in order to perform these tasks. Today the Russian Academy of Sciences is one of the world centers for scientific development, incorporating institutes, laboratories, enterprises and organizations conducting fundamental and practical research to improve information technology and telecommunications further".

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