VTB enhances cooperation with financial institutions of China
On 26 March 2007, at the grand opening of the Year of China in Russia in the presence of the Russian President Vladimir Putin and President of the People's Republic of China Hu Jintao, VTB entered into an agreement with China Development Bank. Under the agreement, a credit line worth USD 500 million will be extended to VTB to finance Russian export to China for an 8-year period.
For VTB the agreement was signed by Andrei Kostin, Chairman and CEO, for China Development Bank by Wang Yi, Vice Governor.
The agreements achieved will contribute to further cooperation between VTB and financial institutions of China, they will also help build on bilateral relationship between China and Russia, strengthen VTB competitiveness in foreign trade operations and long-term fund raising for the Russian economy.
China Development Bank is one of the three state investment banks of China, focused on financial support of national and regional programmes and plans for development. The authorized capital of the Bank is stated at USD 6 billion. As of 01.01.2006 the Bank's assets amounted to USD 240 billion, net profit is USD 2.785 billion (according to this bank).