VTB Bank has signed an agreement with Export-Import Bank of China (China EximBank) to finance the foreign trade operations of China EximBank’s clients, as part of the growing economic cooperation between Russia and China.
“We are pleased with the progress of relations with our Chinese partners,” said Vasily Titov, First Deputy President and Chairman of the VTB Management Board. “We plan to help promote further growth of bilateral trade. The bank has created the necessary infrastructure to offer our clients a wide range of products in yuans. Our expertise in the Chinese market and the experience gained by our Shanghai branch since it was established in 2008 gives VTB a competitive edge in servicing export-import operations between Russia and China.”
Established in 1994, the Export-Import Bank of China (China Exim Bank) is owned by the government of the People’s Republic of China. Its mission is to support export-import operations and China’s international economic cooperation. The bank works through more than ten branches and representative offices in China (in the provinces), as well as three overseas offices in Johannesburg, Paris and St Petersburg.