Andrey Kostin, VTB Bank President-Chairman of the Management Board, and Anton Pak, General Director of the North Caucasus Development Corporation (“NCDC”), signed a cooperation agreement to develop partnership and cooperation between the NCDC and JSC VTB Bank in the mutually advantageous business lines primarily in the North Caucasian Federal District.
The NCDC has been a customer of JSC VTB Bank since December 2010. The Bank provides the company with cash and settlement services, as well as deposit services. In particular, the company has placed its RUB 500 mln charter capital with the Bank.
“The main prospects of cooperation with the North Caucasus Development Corporation lie in the Bank’s participation in financing and supporting various projects implemented with the help of the company, including enterprises and institutions where the company is a shareholder,” said Andrey Kostin.
OJSC North Caucasus Development Corporation was established in November 2010 with its office located in Yessentuky, a town in the Stavropol Krai. The only shareholder of the company is the Bank for Development and Foreign Economic Affairs (Vnesheconombank). The key objectives of the company are to support investment projects implemented in the North Caucasian Federal District, and attract investors to operate such investment projects.