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Memorandum of Understanding is signed between VTB and Venezuelan bank Bancoex

8 November 2008

VTB Bank and Banco de Comercio Exterior (Bancoex, Venezuela) signed a Memorandum of Understanding within the framework of the Vth Session of the Russian-Venezuelan Intergovernmental Commission in Caracas.

The Memorandum is designed to enhance partnership relations between VTB Bank and Bancoex in order to facilitate the banking servicing of the foreign trade between Russia and Venezuela. In particular, the Memorandum calls for further cooperation in financing trade operations and supporting joint investment projects.

The Memorandum was signed by Vasily Titov, VTB Deputy Chairman of the Management Board, and Eyilde Margarita Gracia Sanz, President of Banco de Comercio Exterior (Bancoex), C.A.

For reference:

Banco de Comercio Exterior (Bancoex) is one of the core state banks of Venezuela specializing in servicing foreign trade.

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