VTB Bank and one of China’s leading banks, Bank of China, have signed an agreement to expand their product lines for servicing trade contracts between Russia and China.
This agreement will provide banking services to finance bilateral trade flows within the limits of credit lines approved by Bank of China for VTB. This will increase further trade between Russia and China in different sectors of their economies. In addition, it will enable VTB to offer new financial solutions involving a broader range of structural products to Russian companies working with partners in mainland China.
Herbert Moos, Deputy President and Chairman of VTB Bank Management Board, said: “This agreement is evidence of the strong relationship with our partner Bank of China. Given fostering of ties between Russia and China, this also confirms VTB’s intention to strengthen its cooperation with China’s leading financial institutions. We have been working closely with different divisions of Bank of China and hope to continue expanding our joint product line.”