OREANDA-NEWS. December 11, 2012. During a working visit of VTB Bank President and Chairman of the Management Board Andrey Kostin to China, a cooperation framework agreement between VTB and China Merchants Bank was signed, reported the press-centre of VTB Bank.

Under the agreement the two parties plan to enhance mutually beneficial cooperation and facilitate the development of bilateral trade and investment solutions between Russia and the People’s Republic of China. It is also aimed at expanding cooperation in ruble & RMB account exchange, further development of Investment banking partnership, interbank lending cooperation and trade finance operations.

"I believe that our agreement will not only be a big step towards strengthening cooperation between the two banks, but will become a driver for the expanding partnership between the two countries. China has traditionally been a reliable partner of Russia and it is an honor for VTB to have an opportunity to support that cooperation with active involvement of our branch in Shanghai",
Andrey Kostin, JSC VTB Bank President and Chairman of the Management Board.