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Vneshtorgbank start operating in Ukraine

19 March 2005

On March19, 2005, a subsidiary of Vneshtorgbank - Vneshtorgbank-Ukraine - was opened in Kiev. The ceremony was attended by President of Russia Vladimir Putin, President of Ukraine Victor Yushchenko, Governor of the National Bank of Ukraine Volodymyr Stelmakh and Chairman and CEO of Vneshtorgbank Andrey Kostin.

This was certainly a landmark event in evolving economic cooperation between Russia and Ukraine, which has presently been transforming into strategic partnership. The newly established on the financial market structure - Vneshtorgbank-Ukraine - is designed to ensure the countries' economic interests and to encourage foreign trade relationship between them.

Presently, Russian business has already got a truly sound footing in Ukraine with major Russian producers and Russian investments penetrating every industry of the Ukrainian national economy. In light of this, opening Vneshtorgbank-Ukraine will undoubtedly give a further boost to VTB Group presence on the promising CIS markets. The Bank's subsidiary will facilitate channeling Russian investments into Ukraine, including those located under large-scale inter-governmental programs.

Alongside servicing high net worth corporate customers and foreign trade turnover, Vneshtorgbank-Ukraine will also actively work on Ukraine's financial market both with the households and SMEs. Now that Vneshtorgbank-Ukraine has successfully been launched, economic ties between the two countries are destined to strengthen, to further enhance the integration between both economies and to solidify VTB's presence in the CIS which fully complies with the development strategy of Vneshtorgbank Group.

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