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VTB and Bank for Investment and Development of Vietnam sign agreement to establish investment fund

 
1 November 2010

On 31 October 2010, in Hanoi, president of Russia Dmitri Medvedev and president of Vietnam Nguyen Minh Triet witnessed the signing of an agreement between VTB Bank and Bank for Investment and Development of Vietnam (BIDV) aimed at establishing an investment fund. For VTB the agreement was signed by Andrey Kostin, President and Chairman of VTB Management Board, for BIDV – by Tran Bac Ha, Chairman of the Board of Directors.

The budget will amount to USD 500 mln. The resources are to be allocated to such important industries of Vietnam as power industry, heavy and mining industries, oil and gas production, machine building, and tourism that will help to improve investment climate of the Russian business in Vietnam. The Fund will be jointly run by VTB and BIDV.

According to Andrey Kostin, the Fund will create a new and better level of interaction between Russia and Vietnam and will enable both countries to address strategic and investment tasks more effectively.

For reference:

JSC VTB Bank and its subsidiaries (VTB Group) is a leading Russian financial group offering a wide range of banking services in Russia, the CIS, and a number of countries in Western Europe, Asia and Africa.

The Group’s sales network includes 935 offices in Russia, the CIS and Europe. Outside Russia, the Group operates through its 12 subsidiary banks located in the CIS (Armenia, Ukraine, Belarus, Kazakhstan, and Azerbaijan), in Europe (Austria, Cyprus, Germany, France and Great Britain), in Georgia, in Africa (Angola), also through its three representative offices in Italy, China and Republic of Kyrgyzstan, through two VTB branches in China and India, and two branches of VTB Capital Plc. in Singapore and Dubai.

As of 30 June 2010, VTB Group is the second largest financial institution in terms of assets (RUB 3.628 bln.) and customers’ deposits (RUB 1.689 bln).

The Russian Federation Government, a VTB major shareholder represented by the Federal Agency for State Property Management, holds 85.5% of the Group’s share capital.


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