OREANDA-NEWS. On November 14, 2008 VTB Bank and Sumitomo Mitsui Banking Corporation Europe Limited (SMBCE, Great Britain) have entered into a Cooperation Agreement, reported the press-centre of VTB Bank.

The Agreement was signed by Mikhail Kouzovlev, First Deputy Chairman of VTB Management Board and Jun Mizoguchi, CEO of SMBCE.

The Agreement is aimed at further strengthening partnership relations between VTB Group and Japanese Group SMBC and enhancing interaction along the whole range of banking services, including settlement in Russian Rubles, financing international trade operations, investment project support, treasury operations and operations in international capital markets.

For reference:
Sumitomo Mitsui Banking Corporation Group, Tokyo (hereinafter referred to as SMBC) was set in 2001 through a merger of Sakura Bank (established in 1876) and Sumitomo Bank (established in 1895). As of 30.06.2008, the Group assets equaled to approximately USD 1 trillion, capital - to USD 29.2 billion and profit - to USD 0.6 billion.

In terms of assets the Group is ranked second in the country and 23d in the world. SMBC branch network includes 437 branches in Japan and 20 branches abroad. In March 2003, a subsidiary bank SMBC Europe Ltd., London was established on the basis of SMBC branch in Great Britain which is presently SMBC central office operating in Europe.