VTB Bank on 1 October 2013 signed a cooperation agreement and master trade financing agreement with Singapore's Oversea-Chinese Banking Corporation Limited at the Russia Calling investment forum organized by VTB Capital.
Under the cooperation agreement, VTB and OCBC will develop a partnership on the interbank market, in particular in investment, trade financing and settlements in national currencies, as well as on the capital markets.
As part of the master trade financing agreement, the banks have created the infrastructure to finance trade transactions, particularly for the Bank’s corporate clients.
The signing of these agreements highlights VTB Group’s intention to increase its business in Asia and will help to promote trade and economic relations between Russia and Singapore.
«We have been cooperating with OCBC in various banking spheres for several years. We believe that these agreements will help us expand cooperation and improve the standard of our relations».
Deputy President and Chairman of VTB Bank Management Board
«Over the years, we have significantly expanded our collaboration with VTB Bank. These latest agreements mark an important milestone in our partnership and affirm our commitment to step up our support for the growing trade ties between Russia and Asia».
Mr. Linus Goh,
Head, Global Commercial Banking, OCBC Bank