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VTB obtains a license to open its branch in China

28 December 2007

On 28 December 2007, VTB Bank became the first bank in Russia to get the banking license in the People's Republic of China. VTB Branch in Shanghai is to be opened in January 2008.

The priority lines of the Branch activities will be handling of the Russian-Chinese trade turnover, large industry and intergovernmental projects, as well as investment projects of both Russian and Chinese companies. New VTB office in China is to offer a wide range of banking services in foreign currencies to corporate and individual customers. The most demanded services are expected to be documentary business, trade finance and international settlements. 

Opening of VTB Branch in China is a further step to enhance VTB Group presence under its development strategy. 

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