VTB and The Philippines-Russia Business Council (PRBC) have signed a Memorandum of Understanding (MOU) on future business cooperation.
This MOU is intended to establish a co-investment program. The two institutions will focus on investment opportunities in Russia and the Philippines. According to the terms of the MOU, VTB will provide PRBC with a range of products and services to support PRBC-linked companies’ and their projects in Russia and CIS.
The PRBC is the principal organization driving business relations between the Philippines and the Russian Federation. It aims to improve Philippine-Russian business ties and provide new opportunities, as well as support companies from both countries to enter new markets.
Riccardo Orcel, Deputy CEO of VTB Group, Head of VTB International, said: "VTB Group is a global provider of financial services and we are delighted to develop closer relations with international clients. The Asia-Pacific region is strategically important for VTB business development, and I am confident that this MOU will form the foundation of a long-term and mutually beneficial partnership between VTB Group and PRBC across the full range of commercial and investment banking services. This partnership will seek to strengthen business and trade relations between our two countries.”
JSC VTB Bank, its subsidiary banks and financial organisations (VTB Group or the Group) comprise a leading Russian financial group, offering a wide range of financial and banking services and products in Russia, the CIS, and select countries of Europe, North America, Asia, and Africa.
The Group operates in Russia through the parent company VTB Bank and its five subsidiary banks. VTB Group’s largest subsidiary bank in Russia is VTB24. Its subsidiary financial organisations offer insurance, leasing, factoring, and other financial services, as well as services on the stock market.
VTB Group has the most extensive international network of any Russian bank, with more than 30 banks and financial companies in more than 20 countries.
As of 30 September 2016, the Group was the second largest financial group in Russia by assets (RUB 12.4 trillion) and by customer accounts (RUB 8 trillion).
The Government of the Russian Federation is VTB Group’s main shareholder and owns 60.9% of the voting shares through the Federal Property Management Agency.
For more information please visit www.vtb.com