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VTB expands cooperation with the Finance Ministry of Ukraine

19 January 2011

On 18 January, within the framework of a visit of a state delegation of Ukraine, the Ukrainian Finance Minister, Fedor Yaroshenko, and VTB President and Chairman of the Management Board, Andrey Kostin, signed a Memorandum of Intent between the Finance Ministry of Ukraine and VTB Bank.

It is the intention of the parties to perform joint actions aimed at lending to the real economy.

To get their intentions materialized, VTB Bank and Ukraine’s Finance Ministry are going to identify lending priorities and volume of funds needed for a number of projects. They are also set to regularly exchange information, and discuss issues of mutual interest when implementing joint projects.

The Memorandum will be valid for an indefinite period of time.

Andrey Kostin emphasized that “Signing the document is a major stage in implementing the VTB Strategy for 2010-2013, which places a special focus on business development in Ukraine among the CIS members. VTB has been operating in the country since 2005 and plans to build up its presence there. By the end of 2013, in particular, VTB Bank in Ukraine is going to significantly increase its market share both in the retail and investment segments.”

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