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Russian banks may attract financing from Azerbaijan, Kazakhstan - VTB head

September 20, 2014, 11:37 UTC+3 SOCHI
“Russian financial organisations began working with the East much later than with the West, and here we should develop partner relations and businesses", said head of Russia’s VTB bank Andrei Kostin
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SOCHI, September 20. /ITAR-TASS/. Besides China, Singapore and other Asian key markets, Russian banks may attract financial resources from Azerbaijan and Kazakhstan, head of Russia’s VTB bank Andrei Kostin said in an interview with ITAR-TASS at the international investment forum in Sochi on Saturday.

“Russian financial organisations began working with the East much later than with the West, and here we should develop partner relations and businesses. There are countries like Azerbaijan and Kazakhstan, where we could be working, and where financial resources are available,” he said.

Russian banks, including VTB, have experience and plans for attracting assets from Eastern and Asian markets, he said.

“We have attracted funds from Qatar and China, and the experience is positive. But we should realise our Eastern counterparts and financial institutions are cautious in this matter, as they also may be subjects of sanctions from the U.S. But I believe here we have certain financial success and we shall receive financing, though it would require certain efforts,” he said adding major Asian investors “are not fleeing” due to high reliability of Russian financial institutions, including VTB.

VTB Capital, a capital management company incorporated in the bank, announced several times its plans to organise placement of Russian and Asian companies in the East. Head of debt financing, Andrei Solovyev, said “VTB Capital may be an organiser of placing bonds of a Chinese issuer in the Chinese market.”

In 2011-2012, VTB placed bond issues nominated in Singapore dollars worth $640 million.

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