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Chairman and CEO of Vneshtorgbank visits Ukraine

25 October 2005

On the 24th of October, 2005, Andrey Kostin, Chairman and CEO of Vneshtorgbank staying in Ukraine on a working visit was received by Viktor Yuschenko, President of Ukraine.

During the meeting, the parties discussed cooperation of the two countries in the spheres of investment, finance and banking. Also, they analyzed prospects of further enhancing bilateral trade turnover. The parties emphasized their mutual interest in upgrading the level of participation of Russian investors in the economy of Ukraine.

In particular, the issues of encouraging the investment process and lifting all barriers in the way of the Russian capital were discussed; focus was placed on enlarging Russian investment in the economy of the Autonomous Republic of Crimea, including the development of recreation facilities.

Andrey Kostin underlined that "the promotion of the whole complex of operations offered by the VTB Group to Ukraine, including the retail market, is a priority task for Vneshtorgbank. The Bank has got a considerable potential to enhance financing of such industries as aircraft construction, cooperation in the sphere of military and technical complex, non-ferrous metals and others".

During the meeting, special attention was paid to VTB plans to develop activities of its subsidiary bank - Vneshtorgbank (Ukraine) which launched its business in spring 2005.

Andrey Kostin is reported to say that to the end of 2005 it is planned to finalize the procedure of registering the results of additional issue of Vneshtorgbank (Ukraine) bonds, which will lead to a 3.4 increase in its capital to reach 275 million of Ukrainian Grivens. Citing Andrey Kostin, "this will allow the Bank to implement its strategic goals in developing customer-oriented business, including lending and investment, to create a sound platform for an advanced development of retail business, including international fund transfers, households` deposits and mortgage lending ".

Of considerable importance was the issue of developing cultural relationship between Russia and Ukraine. Victor Yuschenko, Andrey Kostin and Valery Guerguiev, artistic director of the Mariinsky Theater, who had initiated the meeting, spoke for the strengthening of this relationship and making it more robust. In particular, Valery Guerguiev expressed his willingness and readiness to help arrange and hold the Russian-Ukraine festival of symphonic music that might be held in Kiev with the support by Vneshtorgbank.

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