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VTB expands cooperation with financial institutions of Austria

 
24 May 2007

On 23 May 2007, within the framework of a visit by Russian President Vladimir Putin to Austria, VTB Bank signed a Memorandum of Cooperation with Raiffeisen Zentralbank Oesterreich AG, Austria, and a trilateral Memorandum of Understanding with Oesterreichische Kontrollbank AG (OeKB), an Austrian export credit agency, and VTB Bank (Austria) AG, Austria.

The agreement signed with Raiffeisen Zentralbank Oesterreich AG, Austria provides for further cooperation in the sphere of debt and trade finance, as well as in joint efforts to raise funds for financial institutions and corporate customers of Russia, other CIS countries and Europe.

The agreement was signed by Andrey Kostin, President and CEO of VTB Bank, and for Raiffeisen Zentralbank Oesterreich AG, Austria - by Patrick Butler, the Board Member, and Martin Czurda, Executive Vice-President.

The Memorandum of Understanding with OeKB and VTB Bank (Austria) calls for enhanced cooperation in raising funds to support Austrian export to Russia and other CIS countries.

The Memorandum was signed by Andrey Kostin, VTB Bank President and CEO, Dr. Rudolf Scholten, Member of the OeKB Board, and Dr. Richard Vornberg, Chairman of VTB Bank (Austria) Board.

The agreements signed will contribute to closer partnership between VTB Group and the leading financial institutions of Austria, deeper bilateral relations between Austria and Russia, and stronger competitive positions of VTB Group in servicing foreign trade activities of its customers both in Russia and other CIS countries and Europe.

For reference:

Raiffeisen Zentralbank Oesterreich AG, Austria is one of the leading universal banks of Austria. In terms of assets which amount to EUR 115 billion, the Bank ranks 3rd in Austria and 103rd in the world (according to Bankers' Almanac).
International rating agency S&P has awarded the Bank with A+; A-1 ratings (long-term/short-term).

Oesterreichische Kontrollbank AG (OeKB) is a specialized financial institution of Austria providing financial services and information to Austrian exporters. The Bank's assets are presently amounting to USD 36 billion, which places the Bank 6th in the country (according to Bankers' Almanac).
The Bank has got the following credit ratings (long-term/short-term): S&P: AАА; A-1; Moody's: Aaа; P-1.

VTB Bank (Austria) AG is a 100% subsidiary bank of JSC VTB Bank, which has traditionally been servicing foreign trade activities of its customers whose business is oriented on cooperation of Russia with European countries. The Bank has got the following long-term/short-term credit ratings: Moody's: Baa2; P-2.


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