VTB Bank opens for business in Baku

By Ivan Anderzhanov

Russia's state-controlled VTB Bank has launched a subsidiary business in Azerbaijan with the intention of developing a full range of products and services.

VTB Bank (Azerbaijan) assets amounted to $20m at its inception, while the bank’s chartered capital was just under $10m.

The bank will initially focus on serving corporate clients and financing foreign trade operation. It wants to develop retail and investment business, as well as other business lines in Azerbaijan.

Andrei Kostin, VTB Bank president, said in a statement: "Azerbaijan’s industrial and trade potential is very high, which makes this region attractive for investment. The CIS is a priority market for VTB Group. Our entry into the Azerbaijan market is a logical step, which will allow VTB Group to operate in the most promising CIS markets."

By Ivan Anderzhanov Russia's state-controlled VTB Bank has launched a subsidiary business in Azerbaijan with the intention of developing a full range of products and services. VTB Bank (Azerbaijan) assets amounted to $20m at its inception, while the bank’s chartered capital was just under $10m. The bank will initially focus on serving corporate clients and financing foreign ...