VTB Bank has become the first Russian bank to join the London Bullion Market Association (LBMA) as a full member.
As a full member, VTB can vote on key LBMA decisions and nominate its representatives to the appropriate LBMA committees.
VTB Bank is actively engaged in the international precious metals market, trading in gold, silver, and platinum bullion, as well as non-cash transactions.
In 2014, VTB’s bullion trade in the Russian and international markets totalled over 110 tonnes of gold and 550 tonnes of silver. In 2013 and 2014, the Russian Bullion Forum named VTB Russia’s best bank in this area.
VTB continues to increase the volume of its precious metals transactions and to expand its presence on the global bullion markets, notably by exporting bullion to India. In 2014, VTB supplied about 10 percent of India’s total gold and silver bullion imports, according to market estimates.
«Full membership in the LBMA allows VTB to expand its operations across the emerging markets, especially in Asia, helping the bank further develop its business and boosting the strategic diversification of its markets and client base».
First Deputy President and Chairman of VTB Bank Management Board
The London Bullion Market Association (LBMA) is a world recognised organisation of bullion market participants, which regulates the procedures and basic transaction terms for the global gold and silver bullion markets. LBMA members include most of the major market participants, including banks, mining and refining companies, and industrial users of precious metals.