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VTB Expands Cooperation with China Development Bank

 
3 September 2015

© photoexpress.ru

On 3rd September 2015 VTB Bank and the China Development Bank signed a CNY 12 billion agreement for financing Sino-Russian trade operations of the banks’ clients. VTB Bank’s President and Chairman of the Management Board Andrey Kostin and Chairman of the Board of Directors of China Development Bank Hu Huaibang signed the agreement at the ceremony attended by the two countries’ leaders.

The agreement was signed during the visit of the Russian delegation on 2–3 September 2015 headed by the President Vladimir Putin to Beijing to celebrate the 70th Anniversary of Victory of Chinese People’s in World War II.

Under the agreement VTB and China Development Bank are to support and promote the trade flows between Russia and China by providing financing to clients that are engaged in import and export trade operations with Chinese counterparties.

This agreement represents further expansion of partnership between VTB and the Chinese bank that was agreed upon in May of this year with the aim of increasing national currency settlements between the two countries. The agreement will assist VTB’s on-going co-operation with China and its leading financial institutions, as well as provide more efficient mechanisms to finance bilateral trade.


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