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JPMorgan Chase Bank awarded Vneshtorgbank as the best USD clearing bank of Russia

1 July 2005

For the fifth time running, JPMorgan Chase Bank named Vneshtorgbank the best clearing bank of Russia. Senior Vice President of JPMorgan Europe Ltd., London, Sethumadhavan Natarajan presented representatives of VTB with awards recognizing it as the best Russian clearing bank in the correspondent network of JPMorgan Chase Bank, New York: Quality Recognition Award 2004 (Customer Payments) and Elite Quality Recognition Award 2004 (Correspondent Payments).

Vneshtorgbank is the only Russian bank to receive the "Quality Recognition Award" of JPMorgan Chase Bank for the fifth consecutive time.

When choosing the best bank, the main criteria applied were as follows: volume of clearing transactions effected through the bank, level of the bank specialists' professionalism, quality of drafting payment documents, their compliance with the generally recognized banking norms and standards, their accuracy and correctness, as well as possibility to be electronically handled.

During the ceremony, representatives of Vneshtorgbank spoke of a stable and on-going cooperation between the two banks. They assured everybody present that VTB would continue to meet the demands of international standards and would satisfy all the parameters of a sound and high-profile bank of a global dimension.

Having a well-developed network of correspondent accounts actually in all foreign currencies, Vneshtorgbank has gained enough competitive strength in customer servicing and is presently one of the main clearing banks effecting international transactions for many Russian financial institutions.

As experience shows, clearing system of Vneshtorgbank allows its customers to most efficiently make settlements both in a foreign currency and in Russian Roubles, and also to fully meet their current needs.

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