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VTB Bank strengthens its positions in documentary business market

 
16 June 2010

JSC VTB Bank has strengthened its positions in documentary business. According to Q1 results, the Bank’s share in guarantee and documentary operations increased to 20.5% (in Q1 2009 it was 18.8%, and at the end of 2009 – 19.1%). The total share of all VTB Group members amounted to 23.1% (against 20.5% and 21.1% in March and December of 2009, respectively).

The Q1 2010 witnessed an increase in documentary business sales in regional markets, in particular, through import L/C operations growth. There is significant growth in guarantees issued by VTB branches both in quantity and operations volume. More than a half of them are performance guarantees, advance payment guarantees, custom guarantees and tender guarantees. Besides, the Bank’s regional customers are interested in guarantees to tax authorities under Article 176.1 of the Russian Tax Code “Application-based rule of tax refund”.

Andrey Kiselev, VTB Senior Vice President said: “Positive performance of VTB branches in Q1 2010 resulted in a range of events. They include: expanding the branches’ authority within the limits of independent credit risk taking, successful implementation of a range of measures to improve banking products in compliance with regional customers’ specific needs, and streamlining the branches’ authority with regard to price setting”.

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