On December 6, 2004, Vneshtorgbank (VTB) and Canara Bank, India signed a Memorandum of Understanding.
The Memorandum is aimed at enhancing the mutually beneficial partnership of the banks in the sphere of Russian-Indian foreign trade development. Under the Memorandum, VTB and Canara Bank shall cooperate in conducting documentary operations, opening mutual credit facilities and offering pre-export finance to their customers, which will contribute to a higher efficiency of export-import servicing between the two countries.
The fact that such a Memorandum was signed is reflective of VTB`s growing recognition in Asia. Presently, Vneshtorgbank`s liabilities are accepted by export credit agencies and export-import banks of practically all major trade partners of Russia in that region, such as India, China, South Korea, Vietnam, Malaysia and others. In particular, in November 2003, Vneshtorgbank signed a Memorandum of Understanding with Export Credit Guarantee Corporation of India (ECGC), placing a focus in foreign trade development between Russia and India on supporting Indian investment into Russia and implementing lucrative bilateral projects in other countries.