On 12 February 2008, in the presence of Victor Zubkov, Russian Prime Minister, a new branch of VTB Bank was launched on the base of the Bank's existing representation office in New-Delhi, India.
Among the attendees of the opening ceremony were high-profile representatives of the Russian and Indian state authorities, heads of the largest companies of the two countries, and VTB Bank top management.
Citing Andrey Kostin, VTB Bank Chairman and CEO, "the newly opened VTB Branch in India is designed to contribute to forging foreign trade relationship between Russia and India. Under our estimates, VTB Branch assets in New-Delhi are to exceed USD 50 mln by 2008 year-end, with its equity amounting to USD 27 mln. Next year, the Branch assets are to reach USD 90 mln."
VTB accession to the Indian market is sure to enhance the efficiency of banking services offered to Russian customers and their Indian partners both within the existing and scheduled projects. VTB Branch can provide its customers with a most comprehensive spectrum of highly competitive documentary operations, various credit products and high-quality servicing of their current operations. In future, VTB Group will consider its participation in implementing large investment projects in India.
VTB is proud of its long-standing cooperation with India. Presently, the Bank maintains correspondent relations with the core state-owned banks of India, such as: State Bank of India, Canara Bank, ICICI Bank, Punjab National Bank, Bank of Baroda, Bank of India, and Reserve Bank of India (all in all, more than 30 correspondent banks). Cooperation is well under way with the Indian partners of Atomstroiexport, the existing customer of the Bank, within the framework of contracts to build two 1000 MWe units at the Kudankulam nuclear power plant in India worth USD 1,812 mln. The Cooperation Agreement signed by VTB Bank and Roskosmos allows the Bank to participate in international projects, particularly, in Russian-Indian joint projects in the sphere of communications, IT and space.
With respect to India, VTB Group development strategy calls for an enhanced customer base, as well as a wider spectrum of services and products with good market opportunities. Therefore, VTB is set to play a key role in servicing the fast growing Russian-Indian trade turnover, and to facilitate its further growth through streamlining financial services for transactions of Russian exporters and importers operating in the Indian market.
VTB Group is the largest international banking group of Russia.
The Group's assets amount to USD 80 billion, with its equity reaching USD 16 billion. Presently, VTB brand comprises subsidiaries and financial companies in 17 countries in West Europe, the CIS, Asia and Africa.