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VTB signs cooperation agreement with Eurasian Resources

19 June 2015


VTB and Eurasian Resources Group (ERG) signed an agreement on understanding and cooperation at the St Petersburg International Economic Forum. The agreement was signed by Yuri Soloviev, First Deputy President and Chairman of VTB Bank and Alexander Mashkevich, Chairman of the Board of Directors of ERG S.a.r.l.

VTB and ERG agreed to pursue mutually beneficial long-term strategic cooperation. One of the key points is the option of prolonging ERG’s payment schedule to VTB until 2021. The parties intend to complete negotiations on this issue within two months.

VTB Bank has agreed to provide ERG with new products and technologies to further improve its operational service. ERG, one of the world’s largest mining and processing companies, will also be able to use new instruments in a wide range of financial and consulting services in the field of investment and financing.

Yuri Soloviev said: "Working with mining companies is a priority area for VTB. Today’s agreement significantly expands the scope of our work with ERG. We will restructure our relationship in a positive sense, and will also extend it. I am confident that working closely with VTB will enable ERG to continue as one of the leaders in its market."

"VTB Bank is a longtime strategic partner of Eurasian Resources Group, and the new agreement reaffirms our mutually beneficial and effective cooperation," Alexander Mashkevich said. "The agreement will enable ERG to continue implementing its development strategy and successfully negotiate the current volatility on global markets. ERG is constantly working to strengthen its position, and this new move will undoubtedly be good news for all of our stakeholders."

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