VTB Bank and RAO Energy Systems of East have entered into cooperation agreement which provides for the Bank the possibility to render universal banking services to companies of this holding and to finance projects in the sphere of international energy cooperation. On behalf of VTB the agreement was signed by Andrey Kostin, President and Chairman of the Management Board, and on behalf of RAO Energy Systems of East – by Ivan Blagodyr, General Director.
Under the agreement, VTB will be involved in developing financial products and implementing investment projects of the holding, improving international settlements and internal payments of the company and financing its export-import operations. Besides, the Bank is aimed at providing consulting and information services to the holding in the banking, investment and financial sectors.
RAO Energy Systems of East was established on July 1, 2008 as a result of reorganization of RAO UES of Russia. The holding operates throughout the Far East Federal Region. Its core activity is management of power companies to effectively meet the demand for electric and heat energy in the Far East Federal Region and in the neighboring regions. The geographical spread of RAO Energy Systems of East covers 36% of the Russian territory and includes 9 regions: the Sakha Republic (Yakutia), Kamchatka, Primorysky and Khabarovsky Krai, Amur, Magadan and Sakhalin Regions, the Jewish Autonomous Region and Chukotka. Under 2010 results, the companies of the holding produced 27,563 bln kWh of electric energy and 30,210 mln Gcal of heat energy.