OREANDA-NEWS. On December 14, 2007 the ceremony of opening VTB Bank (Belarus) head office took place in Minsk, which was attended by Vladimir Putin, President of the Russian Federation and Alexander Lukashenko, President of the Republic of Belarus, reported the press-centre of VTB Bank. 

Earlier, in November 2007, CJSC Slavneftebank was renamed into CJSC VTB Bank (Belarus), with its controlling interest stake belonging to VTB. Opening of the VTB subsidiary in Minsk marked an official VTB brand appearance in the financial markets of the Republic of Belarus. This is another important step to enlarge VTB Group presence in this country and to strengthen bilateral economic cooperation.

The Russian Federation and the Republic of Belarus have traditionally been strategic partners. Now, the Union of Russia and Belarus is the most advanced integration in the post-Soviet space. High level of the ceremony participants proves that the Heads of the two countries pay special attention to strengthening intergovernmental economic relations.

According to Andrei Kostin, who also attended the ceremony, VTB Strategy is the strategy of leadership and we are proud of VTB, which has become the first foreign banking brand represented in Belarus. VTB Group decision to actively develop its business in the domestic banking market reflects our confidence in the grow potential of the Belarus economy and of our work in the Republic, which could be as high as, probably, in no other CIS country.

VTB has maintained long-term successful cooperation with the Republic of Belarus. Total volume of VTB Group financing to banks, companies and state authorities has exceeded USD 1 billion. VTB acted as arranger of fund raising in the international capital markets in the form of syndicated loans for Belarusian borrowers, in particular, the leading Belarusian banks and the Ministry of Finance of the Republic of Belarus increasing USD 760 million. VTB Group also granted credits to Belarusian companies exceeding USD 230 million.

VTB Group development strategy in the Republic of Belarus stipulates more active lending to state enterprises, petrochemical companies and other large enterprises of the Republic, as well as more energetic servicing of the two countries’ foreign trade. Increased capitalization and systematic growth of assets under the VTB support will allow CJSC VTB Bank (Belarus) to participate in large-scale investment projects, enlarge the geography and spectrum of the services offered to households. Once implemented, the strategy will help CJSC VTB Bank (Belarus) by 2010 enter the top 5 banks in the banking market of the country.