On 29 July 2008, VTB Bank received awards from Deutsche Bank AG, Germany, for the quality of arranging payments in 2007 in two currencies -USD dollars and Euros (USD "STP Excellence Award" and EUR "STP Excellence Award").
Wolfgang Wagner, Deutsche Bank AG Managing Director, and Tim Fyfe, Deutsche Bank AG Director, presented the awards to VTB representatives, emphasizing high-profile experience of VTB officers in international settlements.
The awards received are another success of VTB Bank demonstrating high quality of its settlement services and competitiveness in servicing foreign trade payments of customers and correspondent banks.
For over 5 years Deutsche Bank AG has been awarding the best partner banks in the Russian market. The banks may participate in the contest, if their payments through Deutsche Bank AG to correspondent accounts, which do not need manual handling, exceed 85% in Euro account and 95% in USD account.
It is not the first time VTB has got the awards for arranging payments from its partners. Other major clearing banks, such as JP Morgan Chase Bank and Bank of New York repeatedly called VTB one of the best clearing banks among their partner banks.