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VTB holds a conference aimed at developing Russian business in Africa

 
30 May 2008

On 30 May 2008, a conference on "Prospects for developing VTB Group and Russian business in the Southern Africa" was held in Moscow.

The conference was organized by VTB Bank and was held under the chairmanship of Valeri Lukyanenko, VTB Senior Vice President and Chairman of the Administrative Council of VTB Bank Africa. Among the attendees of the conference were: Samuel Tito Armando, Ambassador Extraordinary and Plenipotentiary of the Republic of Angola to Russia, Dr. Sam K. Mbambo, Ambassador Extraordinary and Plenipotentiary of the Republic of Namibia to Russia, representatives of the Russian Government Office, the Federation Council, Ministry of Foreign Affairs of Russia, the Ministry of Economic Development, the Chamber of Commerce and Industry of the Russian Federation, Roseximbank, as well as other Russian institutions and companies interested in promoting their business in Africa.

The issues related to developing trade and economic cooperation between Russia and the countries of the Southern Africa region were on the top of the conference agenda.  An active role in supporting corporate and investment business of the Russian companies operating and planning to lead their business in the countries of Africa is played by VTB Group. VTB Bank Africa, which belongs to VTB Group, and VTB Capital (Namibia), an investment company, offer additional opportunities for financing projects implemented by domestic companies in the African market.

VTB core tasks in this region are related to supporting the export of Russian goods, high technologies and car building production, cooperation in the sphere of power industry, construction, oil production and processing, as well as mining operations and financing to other investment projects.

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"In the near future Angola, which is extremely rich in minerals, will significantly influence economic and political environment in Africa. Our engineers, geologists, oil industry workers and businessmen are highly appreciated there. We see our mission in constructive assistance to all interested parties" - said V. Lukyanenko addressing the conference.

For reference:
VTB Bank (Africa) was established in March 2007. It has a full banking license to make all types of transactions allowed by the local government. The Bank's authorized capital amounts to USD 10 million. JSC VTB Bank is a major shareholder of the Angolan credit institution with a 66% share. Angolan shareholders, representing the interests of major state corporations (Sonangol and Endiama) hold a 34% interest in the Bank.


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