OREANDA-NEWS. VTB and State Capital Investment Corporation (SCIC) signed a Memorandum of Understanding (MoU) which will allow both companies to grow investment flows between the two countries. The MoU was signed by Riccardo Orcel, Deputy CEO of VTB Group, and Lai Van Dao, Board Member and CEO of SCIC, in Moscow. The ceremony was attended by VTB executives, representatives of Vietnamese government and financial institutions.

SCIC is a strategic investment arm of Vietnam’s government with main mission of effectively managing the state interest at companies and projects. The MoU between the parties will create a framework for facilitating investment opportunities for VTB Group clients in SCIC-related companies and projects. In turn, VTB will introduce SCIC and its partner companies to attractive investment options in the CIS and countries of VTB’s presence. As part of the agreement, VTB Group will assist SCIC and its linked companies to raise capital in international markets and act as financial advisor in debt and equity deals.

Riccardo Orcel, Deputy CEO of VTB Group, said: "The MoU signing is evidence that Asia continues to be a region of high priority for VTB Group’s business, and we look forward to strengthening our relations with local market players in cooperation with SCIC, a partner with excellent track record in the region. Moreover, the agreement will open up unique opportunities for VTB clients to invest in growing Vietnam businesses and participate in major cross-border transactions".

Lai Van Dao, Board Member and CEO of SCIC, commented: “The signing of the memorandum is an important step to uphold the business relations between Russia and Vietnam, and it is our strong belief that the MOU will set out important ground for further cooperation between SCIC and VTB as well as SCIC’s linked companies and VTB’s clients”.

VTB has already built a strong presence in Vietnam with the launch of Vietnam-Russia Joint Venture Bank (VRB) in 2006, a joint venture of VTB Bank and the Bank for Investment and Development of Vietnam (BIDV). VRB is showing dynamic development, rapidly becoming the main bank to support import and export payment activities between the two countries, as well as providing a wide range of products and services in the consumer and business banking sectors.

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 banks in Russia are VTB24 and Bank of Moscow. 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.