On 31 January 2013, VTB Bank and the International Investment Bank (IIB) signed a memorandum of cooperation. The document was signed by VTB Bank President and Chairman of the Management Board Andrey Kostin and IIB Chairman of the Board Nikolay Kosov.
VTB Bank and the IIB plan to jointly implement and finance investment projects, including within the framework of intergovernmental programmes, as well as organise trade financing for large producers and buyers, and collaborate in financial markets. They will launch joint investment projects to improve infrastructure, to increase the production of
Moreover, VTB will provide transaction banking services for IIB projects and
IIB Chairman of the Board Nikolay Kosov said: "The IIB is currently in the active phase of reforms and strategy renewal. Our goal is to become a modern international development bank focused on support for small and
VTB President and Chairman of the Management Board Andrey Kostin said: "VTB Group is Russia’s only international group that offers its services in over 20 countries. The IIB is also working in many of these countries. I am confident that the memorandum we have signed will serve as the basis for future