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VTB and Bank for Investment and Development of Vietnam sign a Memorandum of Cooperation

 
28 October 2008

On 28 October 2008, VTB Bank and Bank for Investment and Development of Vietnam (BIDV) signed a Memorandum of Cooperation in the presence of Nguyen Minh Triet, President of the Socialist Republic of Vietnam. The document provides for stronger cooperation in trade finance, investment project support, treasury operations and operations in international capital markets, as well as support and assistance in current operation and further development of Vietnam-Russia Bank (VRB).

The signing ceremony was attended by Andrey Kostin, JSC VTB Bank President and Chairman of the Management Board; Bui Ding Zing, Ambassador of the Socialist Republic of Vietnam; Vadim Seraphimov, Ambassador of Russia to Vietnam; Tran Bac Ha, Chairman of BIDV Board of Directors; Nguyen Van Pham, VRB General Director, as well as other high-ranked officials and representatives of business community from the two countries.

Nguyen Minh Triet, President of the Socialist Republic of Vietnam; A. Kostin, JSC VTB Bank President and Chairman of the Management Board
Nguyen Minh Triet, President of the Socialist Republic of Vietnam;
A. Kostin, JSC VTB Bank President and Chairman of the Management Board

The Bank of Russia had earlier authorized VRB to open a representative office in Moscow, the bank's first step towards launching a Russian subsidiary in Quarter 2, 2009.

VRB Representative Office in Russia shall promote Russian-Vietnamese business and banking relations, make business community in both countries more aware of the banking services and products offered by VRB. One of its main tasks will be to ensure VRB participation in servicing trade, economic and investment cooperation between the Russian Federation and the Socialist Republic of Vietnam.

For reference:
VTB Group is a leading Russian financial group with a strong history tradition in Russia and the CIS, and a presence in 17 countries around the world. The Russian Government is VTB`s majority shareholder, with a  77.5% holding. The remaining 22.5% of the shares are traded on the RTS and MICEX in Russia, and VTB`s global depositary receipts are traded on the London Stock Exchange. VTB offers a wide range of services in corporate, retail and investment banking in Russia, some other CIS states and a number of countries in Western Europe, Asia and Africa. As of 1 April 2008, VTB was the second largest financial group in Russia by assets (USD 108.8.2 bln.) and by customer accounts (USD 44.6 bln.).  VTB is among the top three national retail banks with a network of 1001 outlets in Russia and the CIS. In 2008, VTB launched its investment banking business, which operates from Moscow, London and Singapore.
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