VTB receives Asiamoney New Silk Road Finance Awards with two nominations as part of the One Belt - One Road project
The bank received an award in the following nominations:
- Best Regional Bank for Belt and Road Initiative in CEE and Central & West Asia for active promotion of the initiative in the region
- Best Bank for Belt and Road Initiative-related Financing in the Region in CEE and Central & West Asia for capital markets and trade finance
As part of the Belt and Road Initiative, VTB actively supports trade relations between Russian companies and their Asian partners. Trade and export finance is also widely used in long-term and infrastructure projects, helping to significantly reduce the risks related to such projects. VTB offers the most optimal financing structure to its clients for their trade contracts with Chinese counterparts and provides a full range of services including deferred payment letters of credit and guarantees. The bank also actively cooperates with the Chinese export credit agency — Sinosure being the only Russian bank with a full banking license present in Mainland China.
“The Belt and Road Initiative makes an important contribution to sustainable economic growth in Asia, provides opportunities for the region to participate in international trade, thereby contributing to its development. These awards confirm VTB’s leading positions in Asia in terms of trade flows financing and supporting participation of its clients in large investment and infrastructure projects. We are always interested in developing our trade and export finance business in Asia, within this initiative in particular, offering both well-reputed and tailor-made effective solutions for our clients,” said Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board.
Introduced in 2013, the concept of the Silk Road Economic Belt and the Maritime Silk Road is collectively known as the Belt and Road Initiative (BRI). It is aimed at creating a transport, energy and trade corridor between the countries of Central, South Asia and Europe, intensifying scientific and technical cooperation and deepening economic interaction between states. As of May 2020, 138 countries have signed agreements with China under the initiative.
Asiamoney is a financial publication founded in 1989 and part of the Euromoney publishing group. The New Silk Road Finance Awards are awarded annually to international financial institutions for their contribution to the development of the global economic initiative “One Belt, One Road”.