On 17 May 2010, VTB and the State Export-Import Bank of Ukraine (Ukreximbank) signed an agreement on interbank cooperation aimed at strengthening partnership relations between the banks.
For VTB, the document was signed by Andrey Kostin, President and Chairman of the Management Board, and for Ukreximbank, by Mykola Udovychenko.
The agreement provides for cooperation in settlement transactions, including those in Russian and Ukrainian national currencies, and for joint transactions in the Russian, Ukrainian and international financial markets.
According to Andrey Kostin, “VTB Group is interested in expanding cooperation with Ukrainian banks, in particular, in ruble settlements, treasury transactions and investment services. This will encourage improvement of investment climate in Ukraine and development of long-term lending. Usage of the ruble for foreign economic contracts strengthens its role as the main settlement currency in the CIS”.
The cooperation agreement is an important step in developing Russian-Ukrainian interbank relations and consolidating the partnership between VTB and Ukreximbank.
The State Export-Import Bank of Ukraine (Ukreximbank) was established in 1992 by the order of the President of Ukraine on the basis of the Ukrainian division of USSR Vnesheconombank. Ukreximbank is 100% state-owned.
The bank is the main financial agent of the Ukrainian government for servicing intergovernmental facilities.
The bank offers its customers a wide range of services, including lending in foreign and national currencies, factoring, international settlements, servicing transactions in the Ukrainian securities market, depositary services, internet banking, loan support to small and medium-sized companies, consumer lending, etc.
As of 1 April 2010, Ukreximbank was ranked 1st in Ukraine in terms of capital and 2nd in terms of assets.
The bank has the widest correspondent network among Ukrainian banks, including 800 banks and international financial institutions worldwide.
At present, the bank has 30 branches and 93 outlets across Ukraine.