On 23 May 2007, VTB signed a framework credit agreement with Italian bank group Monte de Paschi di Siena.
Under the Agreement, the Group member-banks, namely, Monte de Paschi di Siena SpA, Banca Toscana SpA, and Banca Agricola Mantovana SpA shall open a credit line to VTB Bank amounting to EUR 100 million to finance export of Italian equipment and durables to Russia under insurance coverage of SACE, an Italian export credit agency. The agreement signed calls for closer cooperation between VTB and Monte de Paschi di Siena Group, deeper relations between Italy and Russia, and stronger competitive positions of VTB in the sphere of foreign trade services.
Monte de Paschi di Siena Group is one of the leading bank groups of Italy. As of 31.12.2006, its aggregate assets amounted to EUR 158.5 billion, with net income for the year 2006 reaching EUR 910 million. The Group's countrywide network comprises more than 1900 branches. The Group has a representative office in Moscow.
The head bank of the Group - Monte de Paschi di Siena SpA - is the oldest bank in the world. It was established in 1472 and is now a universal commercial bank. In terms of assets amounting to EUR 546.5 billion, the Bank is presently ranked 4th in Italy (according to Bankers' Almanac).
The Bank has got the following long-term/short/term credit ratings: Fitch: A+; F1; Moody's: Aa3; P-1; S&P: A; A1.