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Vneshtorgbank shall cooperate with the IATA

 
1 April 2005

On April 1, 2005, Vneshtorgbank and the International Air Transport Association (the IATA) signed a Protocol for cooperation in launching and further developing the Billing and Settlement Plan (BSP) on the territory of the Russian Federation, as well as in implementing other strategic projects.

Under the Protocol, the IATA has confirmed its choice of Vneshtorgbank as a settlement bank, and 'Multicarta' JSC as a processing center in Russia. The parties to the Protocol also agreed to consider prospects of extending the BSP project to other CIS.

Both Vneshtorgbank and the IATA are eager to extend cooperation to various spheres of civil aviation, in particular, of mutual importance is their strategic partnership within the frameworks of joint projects on the territory of the Russian Federation, such as installing common use self-service kiosks to have passengers registered in the airports.

During their meeting, Andrey Kostin, Chairman & CEO of Vneshtorgbank, and Tom Murphy, Senior Vice President of the IATA, discussed different variants of the IATA organizational and legal structure in Russia. Presently, the IATA is considering legal, administrative, financial and political environment in Russia in order to establish its subsidiary here in the country. Final decision will be made upon positive outcome of this survey.


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