VTB expands presence in China
VTB, the only Russian bank with a financial license for banking operations in China, opened its new office in the Shanghai Tower located in the center of Shanghai’s Pudong financial district. The expansion of its presence in the region will provide an opportunity to continue active growth of the client base and increase the team, launch new product lines and improve the infrastructure and IT environment.
The project was implemented with record-setting speed: it took only six months from the selection of contractors until complete relocation of all branch employees. The office occupies approximately 1,500 square meters, which is twice the size of VTB’s previous office premises in Shanghai. The office is located on the 25th floor and is a modern agile space fully equipped to cater to client and staff requirements. The IT infrastructure was upgraded simultaneously with the opening of the new office.
The requirement for a new office was the result of continuously increasing VTB business in China as a part of implementation of the bank’s updated strategy. Total employee headcount doubled over the past two years in Shanghai.
Head of International Business Development Group — Senior Vice-President of VTB Bank Riccardo Orcel emphasized that: “In the current challenging environment we remain as a stable and reliable financial partner for companies from China and Russia. The opening of a new modern office in the highest building of Asia at this particular moment is symbolic in a certain sense because this demonstrates our confidence in our growth strategy in the region and the high professionalism of our entire team working in Shanghai”.
According to VTB Shanghai Branch Manager Gleb Yakovlev: “Due to a successful combination of VTB corporate style and the original design solution we brought to life our vision of the bank of the future and created a comfortable working space for employees and our clients. The constantly growing interest from clients towards development of Russian-Chinese business provides an opportunity for VTB to expand its operations in the region and offer a wider product line. The currently most in demand products are international payments, documentary operations, trade and export financing”.
VTB Group has been working in China since 2008. Offices in Hong Kong and Shanghai offer a wide range of corporate services, including opening and maintaining settlement accounts for Chinese residents and non-residents, international and domestic payments, lending, documentary operations, trade and export finance (including transactions in national currencies), conversion and derivative operations and commodity trading.
VTB became the first Russian bank to receive the status of a Shanghai Gold Exchange (SGE) member with the right to participate in international trading in the exchange’s international branch in the Shanghai free trade zone. VTB is the largest market maker in RMB/RUB.
VTB Bank is the only Russian bank with a full banking license in mainland China. The Bank offers classic trade finance products, including active business with Chinese exporters in discounting letters of credit with payment deferral.
In partnership with the China Export & Credit Insurance Corporation (Sinosure) credit agency VTB Group comprehensively develops collaboration in the area of supporting trade and economic relations between China and Russia. The Bank maintains leading positions on the corporate investment segment and supports joint projects of the One Belt One Road initiative.
More detailed information is available at: https://www.vtbbank.cn/ru