VTB Bank and China’s largest car maker Chery have agreed to start cooperation in Russia. In the first stage, VTB will provide settlement services for the Russian and international transactions of Chery Automobile Rus, as well as services in currency control, hedging, conversion operations, the placing of deposits and funding. There are plans to expand bilateral cooperation into other areas in the future.
VTB Group’s Global Transaction Banking and International Clients Department have jointly developed individual service terms that satisfy the car maker’s requirements to the fullest extent possible and compare favourably with the terms currently offered by other banks.
«We are happy to announce a new cooperation project and hope that it will be fruitful and mutually beneficial for both sides».
Senior Vice-President, head of the Group’s Global Transaction Banking
The Group’s undeniable advantages are a broad network of correspondent relationships, flexible terms for mutual settlements as well as operations in many foreign countries where VTB is willing to act as Chery’s settlement bank and to open accounts in roubles and local currencies, including the Chinese renminbi.
Senior Vice-President Gurinder Nihal, head of the Group’s Global Transaction Banking, said: “We are happy to announce a new cooperation project and hope that it will be fruitful and mutually beneficial for both sides. The fact that there is a demand for VTB’s products and services from international companies is evidence that the bank has the necessary tools and resources for working with companies which were previously served by foreign banks.”
Chery Automobile is a Chinese automobile manufacturing company established in 1997 at the initiative of several state-owned enterprises. In 2007 the one-millionth car came off its production line. It now sells its products in 69 countries. The company manufactures and sells over 640,000 vehicles annually, one quarter of them for export. For the past nine years, Chery has been ranked the largest Chinese car exporter.