OREANDA-NEWS. On July 16, 2008 VTB delegation headed by Andrei L. Kostin visited the Kabardino-Balkarian Republic, where Arsen Kanokov, the President of the Kabardino-Balkarian Republic (the KBR) received Andrei Kostin in the Government House, reported the press-centre of VTB Bank.

The President of the KBR and VTB President and CEO discussed the implementation of the Cooperation Agreement signed between VTB Bank and the Government of the KBR in June 2004. The Agreement is aimed at developing socially important spheres of economy and creating conditions to increase the investment potential of the Republic.

VTB Bank effectively cooperates with the KBR in financing the programmes important for the economy and infrastructure of the Republic. “VTB intends to provide all-round support to the government of the Republic in solving important social and economic tasks, as well as to actively participate in the investment life of the region”, said A.L. Kostin.
 
With a view to develop retail banking market in the Republic in 2008, VTB Group plans to expand its presence in the KBR. Thus, in December a regional operating office of VTB24, VTB Group retail Bank, will be opened in Nalchik. The office will also be focused on small business lending and household mortgage loans. 

VTB also supports the social life of the region. In Autumn 2007, to mark the 450th anniversary since the KBR voluntary joined Russia, VTB presented about three thousand books by the “Molodaya Gvardiya” Publishing House to the regional and municipal libraries of the Republic.