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VTB, Bank of China sign cooperation memo

MOSCOW, May 20. /ITAR-TASS/. Russian commercial bank VTB and Bank of China have signed a memo on cooperation, in particular, about payments in national currencies, the VTB’s press release says.

The sides are going to develop partnership in different fields of interbanking cooperation, including investment banking, interbank lending, trade financing and capital market transactions.

The memo was signed by the VTB’s First Deputy President Vasily Titov and Bank of China’s President Chen Siqing in the presence of Russian and Chinese Presidents Vladimir Putin and Xi Jinping.

The VTB Group is Russia’s second largest bank group comprised of more than 30 banks and financial companies in more than 20 countries. The government has a 60.9% stake in the VTB capital. VTB stocks are traded on the Moscow and London Stock Exchanges.

The VTB’s total assets as of December 31, 2013 totalled 8.8 trillion rubles ($254 billion). Its net profit according to the International Financial Reporting Standards (IFRS) increased 10.9% to 100.5 billion rubles ($2.9 billion).