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VTB Bank wins competition to place budget funds of the Perm Region

24 June 2010

VTB Bank has been recognized a winner of the competition to place temporary free budget funds of the Finance Ministry of the Perm Region. The competition was held among the lending institutions with high financial and credit stability rating.

As a result of the contest, VTB Bank Branch in Perm and the Finance Ministry of the Perm Region entered into a General Agreement defining the terms of the cooperation to allocate budget funds. Under the Agreement the Bank is entitled to participate in selecting the applications to sign deposit agreements.

Presently, the Perm Region has deposited with VTB its temporary free budget funds worth RUB 5 bln for a period from 91 to 151 days.

Valery Lukyanenko, Member of VTB Management Board said: „The Bank is rightfully considered to be a leader of the Russian economy. That’s why, I think, its victory is well deserved. I’m sure, the cooperation between VTB and the Perm Region will be mutually advantageous”.

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