VTB Bank has established VTB Syryevye Tovary Holding LLC as a subsidiary for strategic transactions related to financing commodity deliveries to VTB Group’s major clients. The subsidiary will have share capital of RUB 125m
VTB Syryevye Tovary will provide Russian and international companies with new tools for the market. The subsidiary will finance commodity deliveries and also support trade deals, manage derivatives and provide transaction services. The new company will finance transactions for crude and refined products, coal, agricultural products, and other commodities.
Vitaly Buzoverya, Head of the Credit Department and Senior Vice President, said. “VTB sees substantial unsatisfied demand for financial services on commodity markets. Western banks have been forced to reduce financing of commodity deliveries in Russia, but major Russian energy companies are aimimg to expand their geographical footprint and need financing.”