A meeting took place on 10 April 2006 in Baku, Azerbaijan, between Vneshtorgbank's Chairman and CEO Andrey Kostin and President of the Azerbaijan Republic Ilkham Aliyev.
In the meeting, both parties discussed co-operation between the two countries in finance, including further expansion of bilateral trading volume and more active part of Russian investors in the Azeri economy. According to Andrey Kostin, "Vneshtorgbank will consider implementing major joint projects in gas and oil sectors in partnership with the State Oil Company of Azerbaijan, and future financing for investment projects in a variety of other economy sectors of the Republic, in particular, in food and construction."
With a view to developing and enhancing economic co-operation between the Russian Federation and the Azerbaijan Republic, Vneshtorgbank considers expanding its presence in Azerbaijan, namely, through a purchase of a majority stake in an Azeri bank within 2006.
Joining VTB Group by a banking entity of the Azerbaijan Republic will be a further step towards implementation of the VTB development strategy envisaging expanded network of subsidiaries in Europe and CIS countries. At present, VTB Group also includes subsidiaries in Ukraine, Armenia and Georgia, thus enabling Vneshtorgbank to pioneer in servicing foreign trade within the CIS.