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Vneshtorgbank- the best clearing bank in Russia

25 August 2004

JP Morgan Chase Bank fourth time in a row called Vneshtorgbank the best clearing bank in Russia . Wednesday, 25 August 2004, Vice-President of JP Morgan Chase Bank, New York, Peter Vernon presented from JP Morgan Chase Bank an award to representatives of VTB certifying the fact, that Vneshtorgbank is the best clearing bank in Russia.

Vneshtorgbank - is the only bank in Russia , which four times in a raw has received this award from JP Morgan Chase Bank in the nomination "Quality Recognition Award".

The main criteria in the process of selecting the bank for this award: volume of clearing transactions processed through the given bank, high level of professionalism of the bank specialists, quality of issued payment documents, their correspondence to the widely accepted banking standards, correctness and accuracy of document handling, and the possibility to conduct transactions in the automatic mode by specialized computer software.

During the ceremony, representatives of Vneshtorgbank have pointed out a steady development of cooperation between two banks. They have expressed an assuredness that VTB will continue to comply with the highest requirements of international standards and to correspond to all the parameters, presented to the most reliable and professional banks allover the world.

Possessing a wide network of correspondent accounts almost in all foreign currencies, Vneshtorgbank provides competitive conditions of service and is one of the main clearing banks for international transactions for many of Russian financial institutions.

Experience shows, that an accounting system created in Vneshtorgbank provides the most effective way to conduct ruble and hard currency transactions, and perfectly complies with the existing requirements of VTB clientele.

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