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President of the Republic of Kazakhstan Nursultan Nazarbaev meets VTB Chairman and CEO Andrey Kostin

25 July 2006

On 25 July 2006, Vneshtorgbank delegation headed by VTB Chairman and CEO Andrey Kostin paid a visit to the Republic of Kazakhstan. During the visit, a meeting was held between Andrey Kostin and President of the Republic of Kazakhstan, where outlook for partnership in a variety of domains, bilateral trade relationship and trade turnover development were discussed. Special emphasis was placed on cooperation between Russian and Kazakhstan banks, and VTB Group strategic plans in CIS countries.

After the meeting, Andrey Kostin said, among other things, that "in the post-Soviet area, the cooperation between Russia and Kazakhstan is one of the most fast growing, which opens prospects for further interplay of banking systems of the two countries. With a view to developing joint efforts in investment, Vneshtorgbank considers, in particular, implementing large-scale projects in a variety of domains. Financing for Moscow business center construction in Astana will be one of the first projects in this respect."

In order to develop and enhance the existing economic cooperation between the Russian Federation and the Republic of Kazakhstan, Vneshtorgbank also considers expanding its presence in this republic, namely, through a purchase of a majority stake in a Kazakh bank within 2006. For VTB Group, this step will provide for a diversification of operations and income sources. It will also mean for enterprises and population in Kazakhstan an access to modern banking services, funding and technological facilities of VTB Group.

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