VTB Bank has participated in the auction held by the Administration of Smolensk Region to provide credit resources for regional budget needs. Following the auction, the Bank and the region’s authorities signed contracts for five lots for a total amount of RUB 825 million. The first RUB 300 million tranche was channeled to finance regional budget deficit in 2009.
The contract signed corresponds to VTB' policy aimed at developing integrated cooperation with federal and municipal entities.The cooperation between the Bank and the Administration of Smolensk Region has been actively developing since 2004. Earlier, VTB has won several open tenders to provide credit resources for the budget needs of this region. According to Valery Lukyanenko, Member of VTB Bank Management Board, “the aggregate amount of funds provided by the Bank to the region’s budget in 2009 will amount to RUB 1,255 million”.