VTB has dispatched its first batch of gold to China, becoming the first Russian bank to start the direct supply of physical gold to the Chinese market. VTB plans to rapidly expand its precious metals portfolio and increase the number of partners in order to become one of the leading suppliers in this market.
China is the world’s largest buyer and consumer of gold, so this is an area of strategic importance to VTB.
Yuri Soloviev, VTB First Deputy President and Chairman of VTB Bank Management Board, said: “VTB holds a strong position in the Chinese financial market, and the launch of physical gold supplies to China is a major step towards bolstering the group’s business as part of our regional strategy. We believe that the Chinese market opens up long-term opportunities for Russian business and VTB will contribute as much as possible to developing and facilitating trade relations between our countries."
In October 2015, VTB obtained Shanghai Gold Exchange (SGE) membership, allowing it to trade on the SGE international board in the Shanghai Free-Trade Zone.
VTB has a wealth of experience supplying gold and silver to India and is a leader in India's precious metals market.