VTB Bank has launched a new product for clients to expand trade finance opportunities with China.
At the request of its customers the bank issues Letters of credit for settlements on import transactions with Chinese counterparties and discount these LCs in VTB’s Shanghai Branch leveraging the banks presence in the Chinese market and also optimising foreign purchases.
The financing and settlements are fully implemented within the VTB Group significantly accelerating the execution of transactions and payments. The new product will also be of interest to financial institutions whose clients have relationships with Chinese partners.
«VTB Group’s wide international network along with its leading positions in trade finance in Asia allow us to provide our clients with better financial solutions and greater protection in settlements of their trade contracts».
First Deputy President and Chairman of VTB Bank Management Board