Russia’s VTB reboots Asia strategy

Russia’s VTB has installed Pavel Ananenko as Shanghai branch manager and inked a cooperation agreement with CCB as Russia-China commerce gains traction.

VTB Group has hit reset on its Asia strategy starting with a new branch manager in Shanghai and plans to hire relationship bankers in Hong Kong.

The Russian bank is looking to help intermediate more of the swelling trade between Russia and China, its senior executives told FinanceAsia.

As part of the push VTB Bank and China Construction Bank signed a cooperation agreement on the trade and delivery of precious metals on December 17.

The pivot to Asia comes after the West imposed sanctions on Russia for its role in the Ukrainian crisis. VTB, alongside other Russian financial institutions, has been...

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