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VTB’s Shanghai branch expands client base 20-fold in 2024

According to branch manager Ilya Shkonda, VTB’s Shanghai branch operates as a local bank and is therefore directly connected to China’s interbank payment system, CNAPS

MOSCOW, August 27. /TASS/. VTB’s Shanghai branch concluded 2024 with a 20-fold increase in its client base and expects to double it in 2025, branch manager Ilya Shkonda stated in an interview with the Rossiya-24 TV channel.

"In 2024, we ended the year with a twentyfold growth in our client base, and I believe this year we will double it again," he said.

According to Shkonda, VTB’s Shanghai branch operates as a local bank and is therefore directly connected to China’s interbank payment system, CNAPS. This, the bank representative noted, allows it "not only to process payments across the entire territory of China but also to ensure that they are safe and fast."

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