On 1 March 2007, an inauguration ceremony of the Russian-Angolan bank (Banco VTB Africa SA) took place in Luanda, Angola, where VTB Chairman and CEO Andrey Kostin attended. Mr. Kostin is on a working visit in this country. The event stemmed from completion of all the legal procedures under applicable Angolan law to launch operations of VTB Bank Africa.
Angola's Finance Minister Jose Pedro de Morais, Governor of National Bank of Angola Amadeo Mauricio, representatives of diplomatic corps, business and financial community of Angola were also present.
Banco VTB Africa SA is the first Angolan bank with a predominant foreign capital participation. Authorised capital of the new financial institution is USD10 million. VTB Bank owns a 66% stake.
At the initial stage, Banco VTB Africa SA is going to place emphasis on corporate investment segment. Key customers will be Russian companies interested to develop their business in natural resources mining and processing, power generation, telecommunications, construction and trade in Angola and other Southern African countries. Moreover, the Russian-Angolan bank will handle cash flows of major Angolan enterprises and render financial services to global corporations operating in Africa.
At the inauguration, Mr. Kostin said that the newly established Russian-Angolan bank would boost further cooperation in foreign trade between the two countries and move relations between Angola and Russia to a higher level.