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VTB Bank signs a cooperation agreement with Portugal’s largest bank

 
27 April 2010

On 26 April 2010, at the 4th session of the Joint Commission on Economic, Industrial and Technical Cooperation between the Russian Federation and the Portuguese Republic, VTB Bank and Caixa Geral de Depositos S.A. signed a cooperation agreement.

The signing ceremony that took place in Moscow was attended by co-chairmen of the Commission: Sergei Shoygu, Minister of Emergency Situations of Russia, Jose Vieira da Silva, Minister of Economy, Innovation and Development of Portugal, as well as by government officials and businesspeople from both countries.

For VTB, the agreement was signed by Alexander Dmitriev, Managing Director, Financial Institutions Division, and for the Portugal bank, by Maria Graça Vieira Pires, Head of Banks & Financial Institutions.

The agreement is an important step in the development of Russian-Portuguese interbank relations. It defines major lines of cooperation between VTB Bank and Caixa Geral de Depositos S.A., in particular, development of the infrastructure for financing export-import contracts between Russian and Portuguese companies.

For reference:

Caixa Geral de Depositos (CGD), a full-service state-owned bank, was established in 1876. In terms of assets, it is ranked 119th in the world and 1st in Portugal where is has 768 branches and offices. It also has a subsidiary in Angola, a strategic region for VTB (Banco Caixa Geral Totta de Angola).

CGD has a range of representative offices abroad, in particular, in Belgium, Brazil, Germany, Switzerland, and Venezuela; branches in the United Kingdom, Venezuela, Indonesia, Spain, China, Luxemburg, Monaco, the USA, France, the Cayman Islands and East Timor. CGD financial companies and subsidiaries are located mainly in Portugal and former Portuguese colonies. Internationalratingagenciesassignedthefollowingratings to CGD:

Moody'sInvestorsService: Aa2, P-1; Standard & Poor`s: A+, A-1; Fitch Ratings: A+, F1.

Caixa Geral de Depositos is a priority partner of VTB in Portugal.


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