On 26 July 2006, VTB Chairman and CEO Andrey Kostin paid a visit to the Rostov Region.
During the visit, a Cooperation agreement was signed between Vneshtorgbank and the Regional Government aimed at providing favourable conditions for developing mutually rewarding partnership.
Under the Agreement, Vneshtorgbank shall be involved in implementing investment and target regional programmes, projects to develop small and medium-sized regional businesses and carrying out activities to develop a securities market in the Rostov Region.
In the context of the arrangements made with the Rostov Regional Government, VTB will make loans to institutions and businesses engaged in projects and programmes essential for the regional economy.
Moreover, Vneshtorgbank is going to deliver to the Regional Government a full range of banking services, in particular, handling of export-import transactions, information sharing and regular mutual counselling.
The Agreement was signed by Vladimir Chub, the Governor of the Rostov Region, and Andrey Kostin, Chairman and CEO of Vneshtorgbank.
"Vneshtorgbank places special emphasis on the regional component. Business volumes are showing a steady growth in provinces. At present, the regional network makes up over 50% of the Bank's loan portfolio. We particularly foster cooperation with local authorities. The volume of VTB's credit limits on local governments of the region exceeds RUR 91 bln," said Andrey Kostin at the signing ceremony.