MOSCOW, January 01, /ITAR-TASS/. Russia’s VTB Bank arranged deals worth more than 4 billion billion in 2013 as part of a large-scale project to develop its trade and export finance business, thereby increasing the relevant portfolio by over 150 percent.
The project was advanced by new financial solutions for corporate clients, consistent development of relations with foreign financial institutions, priority development of new products and optimisation of the trade and export finance business process, the Bank said.
In 2013, the bank focused on trade and export finance on-balance deals, including pre-export finance and financing under Export Credit Agencies coverage. It implemented new product solutions, totalling more than 2.4 billion U.S. dollars for its clients. Additionally, the bank carried out over 1,000 transactions using documentary instruments worth approximately 2 billion U.S. dollars. A key growth indicator was the doubling of documentary credit operations. The financing of export letters of credit increased more than fivefold in the past year. The bank also enlarged its geography of export financing in the CIS, Asia and Africa.
VTB Bank has been working efficiently to optimise and expand cooperation with several Export Credit Agencies, including the Export Insurance Agency of Russia (EXIAR).
“I can say with confidence that the strategy of developing the bank’s trade and export finance business, which was adopted in late 2012, has helped us find new effective solutions for financing our corporate clients’ foreign trade. We plan to continue expanding this business, which has a major role to play in the strategy that is being developed for VTB Group,” Yuri Soloviev, First Deputy President and Chairman of VTB Bank’s Management Board, said.