Within the framework of developing and implementing new banking decisions in foreign trade transactions, VTB Bank for the first time ever has opened unsecured import Letter of Credit in Chinese Yuan. The operation was made under the instructions of LLC O’STIN, member of Sportmaster Group of Companies. The Bank of China, VTB’s traditional partner in the People’s Republic of China, acted as a nominated bank.
The deal is a significant event in developing Russian-Chinese trade relations and making settlements in national currencies between the two countries. Earlier, this type of settlements could be used only in cross-border trading. However, owing to efficient steps of Russian and Chinese central banks aimed at currency law liberalization, VTB Bank has had an opportunity to offer its customers Yuan settlements throughout Russia.
VTB and Sportmaster group of companies started their cooperation in 2008. They are planning to further expand credit and documentary operations and merchandise other VTB Group products.
Sportmaster Group of Companies is a leader in sport market. It is focused on wholesale and retail trade through its own retail network Sportmaster, and casual clothes through O’STIN network. Trade networks of the group include 370 shops.