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Vneshtorgbank and the Russian Academy of Sciences sign a Cooperation Agreement

13 September 2006

Andrey Kostin, VTB Chairman and CEO and Yuri Osipov, RAS President

On 13 September 2006 in the City of Moscow Vneshtorgbank (VTB) and the Russian Academy of Sciences (RAS) signed a Cooperation Agreement aimed at strengthening and further developing mutually advantageous partnership.

The Agreement signed by Andrey Kostin, VTB Chairman and CEO and Yuri Osipov, RAS President, stipulates that Vneshtorgbank will support the Russian Academy, the largest scientific organization of Russia, in implementing its priority tasks.

Under the Agreement Vneshtorgbank will offer the Academy a full range of banking services, including mortgage lending for its staff, will also participate in implementing the Academy`s investment projects, provide advisory and information services in the sphere of finance. Within the framework of the Agreement Vneshtorgbank is intent to assist the Academy in raising venture funds to implement innovation projects.

The Russian Academy of Sciences, on its part, is going to encourage Vneshtorgbank in launching new banking services and products aimed at the Academy servicing, raising funds both in domestic and international markets, and implementing investment project.

Citing Andrey Kostin, "while implementing the Agreement VTB will channel the expertise gained in cooperation with research institutions into increasing economic effectiveness of scientific research and innovations as well as into ensuring higher social status and better social security of the Academy personnel."

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