During the St. Petersburg International Economic Forum, VTB Bank (“VTB”) and KASIKORNBANK Public Company Limited (“KASIKORNBANK”) signed a framework Memorandum of Understanding. The agreement provides a platform for the development of partnerships in various areas and contributes to facilitating joint projects, as well as trade flows between Russia and the Kingdom of Thailand.
The agreement underlines the positions of Russia and Thailand as reliable economic partners internationally, the facilitation of trade and business, including the expected development of export-import trade finance services, correspondent banking, investment banking, advisory services and other fields of potential cooperation.
The agreement was signed by Mr. Vasily Titov, First Deputy President and Chairman of VTB Management Board, and Mr. Banthoon Lamsam, Chairman of the Board and Chief Executive Officer of KASIKORNBANK.
Mr. Titov said: “KASIKORNBANK is a trusted partner as we develop relations between our countries. The signed Memorandum of Understanding emphasizes VTB’s intention to facilitate business relationships with Thailand and throughout the Asian region. Using the capabilities of the largest financial institutions in both countries, we intend to initiate new joint projects in various areas of the economy."
Mr. Lamsa said: "Cooperation between VTB Bank and KASIKORNBANK is important because it increases business opportunities, not only in Russia and Thailand, but also in Eurasia and the ASEAN countries. Both of these regions are growing markets with significant prospects for development. In partnership with VTB, we hope to become a bridge between Eurasia and ASEAN to accelerate inter-regional business relationships, namely in energy, resources, agriculture, food and beverage products. Due to the broad scope of the relationship, we will be able to respond to new business needs."