On 8 September 2003, Kris Meritzis, Vice President of JP Morgan Chase Bank, New York, presented to Yury Vishnyak, head of Vneshtorgbank Corresponded Account, with a JP Morgan Chase Bank award as the best Russian clearing bank.
Vneshtorgbank is the only Russian bank, which for the third time running has been awarded with JP Morgan Chase Bank Quality Recognition Award.
Major criteria in selecting a winner are: volume of clearing transactions executed through the bank, high professionalism of the bank's personnel, quality of payment documents, their compliance with generally accepted banking standards and norms, and also possibility for their automatic processing through computer software.
Addressing the award ceremony, Yury Vishnyak underlined that "such a high appraisal of VTB activities proves that in spite of a considerable increase in correspondent account transactions caused by more active work with corporate customers, banks and individuals, quality of settlement services offered by Vneshtorgbank to its customers continues to be stably high ".
Having a wide network of correspondent accounts almost in all foreign currencies, Vneshtorgbank has gained strong competitive advantages in servicing and settling foreign currency payments, being a major international settlement bank for many Russian banking institutions.
As proved in practice, VTB settlement system can provide efficient foreign currency and Russian Rouble clearing and settlement, which meet both world standards and current demand of VTB customers.