London, September 24 - Euromoney, a British financial magazine of authority, granted its annual awards. Among the award winners was Vneshtorgbank who was rated the Best Bank of Russia in 2004 by Euromoney`s international experts. The award was received by Vasily Titov, Senior Vice President and Member of the Board.
"Euromoney has always been wary of state-owned banks. But the fact that Vneshtorgbank has been named `Best Bank of Russia` is reflective of the Bank`s recognized development dynamics and its rapid business expansion both in Russia and in international markets " - said Vasily Titov. "Today, few Russian banks can match Vneshtorgbank in the pace of reaching out to new lucrative market segments, such as retail and investment banking".
Citing Euromoney, Vneshtorgbank`s solid competitive edge gained in the Russian banking sector will only benefit from the extension of the system of its subsidiaries and affiliates located in Russia and West Europe, acquisition of Promstroibank and enhancement of high-yielding retail business. "In August we launched our new retail project - Vneshtorgbank 24, which is broadly in line with our strategic plans and expectations. We are set to turn Vneshtorgbank 24 into a major retail market maker, a leader in mortgage and consumer lending, as well as a reliable SME supporter" - said Vasily Titov addressing the award ceremony.
Under the estimates of Euromoney, Vneshtorgbank`s strategic plans are destined to materialize due to its unique positioning in the sphere of long-term fund raising in international markets, in such volumes and under such pricing conditions which are still unattainable to most Russian banks. Also, Vasily Titov underlined that "presently Vneshtorgbank is a major Russian institutionalized borrower in international markets, a leader among Russian banks in transborder fund raising who sets benchmarks for other Russian".
"The positions gained are not only the reflection of Vneshtorgbank`s competitive advantages, but also the result of meticulously planned and seamlessly implemented actions to promote the Vneshtorgbank brand in international markets. Actually, our brand has now become one of the brightest and best-known symbols of the whole Russian financial sector in international markets. This is the way we contribute to the development of the Russian banking system and facilitate its transformation into a sound investment basis for a long-term uprise of the national economy " - Vasily Titov added.