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VTB Bank signs cooperation agreement with China Merchants Bank

6 December 2012

VTB Bank signs cooperation agreement with China Merchants Bank © RIAN, Alexander Yuriev

On December 6, 2012, during a working visit of VTB Bank President and Chairman of the Management Board Andrey Kostin to China, a cooperation framework agreement between VTB and China Merchants Bank was signed.

Under the agreement the two parties plan to enhance mutually beneficial cooperation and facilitate the development of bilateral trade and investment solutions between Russia and the People’s Republic of China. It is also aimed at expanding cooperation in ruble & RMB account exchange, further development of Investment banking partnership, interbank lending cooperation and trade finance operations.

«I believe that our agreement will not only be a big step towards strengthening cooperation between the two banks, but will become a driver for the expanding partnership between the two countries. China has traditionally been a reliable partner of Russia and it is an honor for VTB to have an opportunity to support that cooperation with active involvement of our branch in Shanghai.»
Andrey Kostin,
JSC VTB Bank President and Chairman of the Management Board

For reference:

VTB Bank Branch in Shanghai (China) was established in 2008. It is the first branch of a Russian bank having a financial services license on the territory of the People’s Republic of China. In November 2010, the Branch was assigned a RUB/CNY market-maker status in China Foreign Exchange Trade System.

VTB Bank Branch in Shanghai has been a member of China Foreign Exchange Trade System since 2008. The cooperation with CFETS on promoting the Russian ruble on the Chinese internal foreign exchange market enables the branch to provide ruble clearing services to Chinese financial institutions and carry out a wide range of customer operations in the Russian ruble in the People’s Republic of China.

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