VTB Bank has established a specialized Financial Services Center for rendering services to state corporations.
Among the attendees to the opening ceremony held on 16 January 2009 in Moscow were Andrey Kostin, VTB President and Chairman of the Management Board, Sergei Chemezov, General Director of Russian Technologies State Corporation, federal executives and heads of leading holdings and enterprises of priority industries of the Russian economy.
VTB, having developed a sustained leadership in the state corporation market, and having gained considerable experience through operating with backbone companies, is striving to implement the Bank's comprehensive approach and meet customer demands at all stages of their development, offering the widest range of banking products and services.
The structural division to be established by VTB will ensure centralized cash flow management of state corporations and high quality services.
Concentration of backbone enterprises in a single business area allows VTB to streamline integrated banking services through organizing cross-sales of products offered by different VTB Group members in a single playground, thus providing an opportunity of individual VIP services and centralized business coordination.
Russian Technologies State Corporation is a leading domestic state corporation and VTB's partner, in particular, in implementing the Russian Government instructions to provide financial support to the Military and Industrial Complex. Over the past two months alone, VTB has extended and rolled over the loans to this segment totaling RUB 42.5 billion, with guarantees amounting to RUB 8 billion. Currently, the Bank is considering loan requests for RUB 37 billion.