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VTB Bank signs cooperation agreement with China Construction Bank

22 March 2013
On 22 March 2013 VTB Bank and China Construction Bank signed a cooperation agreement in the presence of Russian Deputy Prime Minister Dmitry Rogozin and Vice Premier of the People’s Republic of China Wang Yang.

The agreement was signed by VTB Bank President and Chairman of the Management Board Andrey Kostin and China Construction Bank Chairman Wang Hongzhang.

Under this agreement, the two sides plan to promote mutually beneficial cooperation and coordinate the investment activity of the two companies. Specifically, the agreement envisages a partnership in investment and banking services.

«The agreement will not only bring relations between our banks to a new level but will also promote cooperation between our countries. China has traditionally been a strategic partner of Russia. There is great potential for the expansion of relations between our countries and I am sure that cooperation will advance successfully in many economic fields, including the banking sector.»
Andrey Kostin,
VTB Bank President and Chairman of the Management Board

The Shanghai branch of VTB Bank has been operating since 2008 and has been effective in servicing trade between Russia and China. It has been given the status of rouble/yuan market-maker on the China Currency Exchange and is active in promoting the rouble on the Chinese domestic currency market by providing rouble clearing services to Chinese financial institutions. It also provides a wide range of client operations in roubles in China.

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