VTB Bank has for many years been an active member of both Russian and international markets for precious metals. The bank carries out a whole range of bullion operations, including physical precious metals operations, as well as trading gold and silver on unallocated basis.
As of late September, VTB’s precious metal trading stood at 39.5 tonnes of gold and over 200 tonnes of silver, up 30% as compared with the first nine months of 2011.First Deputy President and Chairman of the Management Board at VTB Bank Yuri Soloviev said: “VTB’s membership in the Association provides us with direct access to several promising markets, particularly in Asia. Our membership will allow us to further diversify our customer base and markets”.
The London Bullion Market Association is an internationally recognised organisation which sets terms and conditions for transactions involving gold and silver on the global market. It includes major market participants, such as banks, mining and refining companies and industries using metals in their manufacturing processes.