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VTB Bank develops cooperation with Belarus

 
29 April 2013

Russia’s VTB Bank and the government of the Republic of Belarus have signed a cooperation agreement aimed at expanding trade and economic cooperation. The agreement on the terms of VTB loans to finance the purchase of goods produced in Belarus was signed by VTB President and Chairman of the Management Board Andrey Kostin and Belarusian Finance Minister Andrey Kharkovets.

Belarus agreed to partially compensate the interest on VTB loans issued to Russian companies to purchase goods produced in Belarus and to refinance the cost of purchasing these goods intended for further leasing.

The compensation is set at the Bank of Russia’s discount rate effective as of the loan issue date. Russian companies will be entitled to loans equal to 85% of the cost of goods they purchase or non-revolving credit lines for up to five years.

 
 
 
 
«VTB’s cooperation with Belarus is aimed at supporting Belarusian exports to Russia, including vehicles and industrial equipment. This will without doubt promote trade turnover between Russia and Belarus, and as a result further the development of the economies of both countries.».
Andrey Kostin,
President and Chairman of the Management Board

In the future, VTB plans to extend the successful experience of cooperation with the government of Belarus to other CIS countries where VTB Group has a presence, in particular to Ukraine and Kazakhstan. 

For reference:

VTB Group, comprised of VTB Bank and its subsidiaries, is a leading Russian financial group which offers a wide range of banking services in Russia, the CIS, Western Europe, North America, Asia and Africa. The group’s sales network includes offices in Russia, the CIS and Europe. In Russia, the group operates through a parent bank (VTB Bank) and five subsidiaries, including the largest ones – VTB24, Bank of Moscow and TransCreditBank. The group operates outside Russia through 15 foreign subsidiaries located in the CIS countries (Armenia, Ukraine (two banks), Belarus (two banks), Kazakhstan and

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