Vietnamese-Russian Bank subsidiary starts operations in Moscow

MOSCOW, December 15 (Itar-Tass) - The subsidiary of the
Vietnamese-Russian Joint Bank (VRB) started operations in Moscow, reports
the public relations service of the VTB Bank, one of the biggest in
Russia. VRB owns 100 percent of shares of the VRB Moscow subsidiary whose
authorised capital totals 210 million roubles.
The VRB operation in the Russian market is called upon to consolidate
bilateral trade and economic cooperation between Russia and Vietnam. The
subsidiary will concentrate on promoting business of Vietnamese companies,
operating in Russia, including funding of import-export operations,
international settlements, serving corporate clients, notes Prime-Tass.
According to VTB Bank head Andrei Kostin, "We have witnessed over the
past few years a stable rise of mutual interest in the development of
business between our countries". "We recently marked the three-year
anniversary of the Russian-Vietnamese Bank, successfully operating in the
Vietnamese market, despite the world crisis. "I'm sure that the unveiling
of the VRB Bank subsidiary in Moscow will also help to tackle priority
tasks of cooperation between our states," Kostin said.
The Vietnamese-Russian Joint Bank -- a joint venture of the Russian
VTB Bank and the Vietnamese Bank for Investments and Development
(Vietnamese bank owns 51 percent of the Bank's shares and VTB -- 49
percent) - started operations in November 2006. VRB is the first Russian
bank established in Vietnam.
-0-bur/ast