On December 29, 2004, Alu Alkhanov, President of the Republic of Chechnya, and Andrey Kostin, President & CEO of Vneshtorgbank, participated in the ceremony of launching a division of Vneshtorgbank in the city of Grozny. Acting within the federal program of Chechnya`s economic and social recovery, VTB aspires to form up in Chechnya a modern banking infrastructure, which is an important institution of a civil society. By opening a division in this region, Vneshtorgbank has demonstrated its pro-active approach and readiness to financially support the rehabilitation of the Republic`s production facilities.
In VTB`s new division both civil citizens and military servants will be offered a most comprehensive spectrum of services and products. Also, banking services will be extended to government bodies, public and social enterprises and Russian companies operating in the Republic.
Now that Chechnya is transitioning from reconstruction of separate elements of its social and economic infrastructure towards a full-fledged recovery of its economy, as defined by the comprehensive development program of the Republic of Chechnya, providing modern banking services to economic entities of the Republic is of growing importance. Enjoying the benefits of long-term credit facilities and leading-edge banking technologies, Vneshtorgbank can certainly ensure most efficient clearing and settlement procedures. Moreover, the Bank shall help the Republic attract considerable volumes of investment, including funds to be channeled into the programs which are already under way, such as social welfare and road reconstruction.
Visiting the Republic of Chechnya, Andrey Kostin was also invited by Alu Alkhanov to participate in the opening procedure of the Argun thermoelectric power station which is so far the only energy generating unit in Chechnya.