VNESHTORGBANK (VTB) and the Bank for Investment and Development of Viet Nam (BIDV) will begin establishing the Vietnamese-Russian Bank in July, according to Vietnamese press reports. Last April, the two banks signed a memorandum of understanding. The bank will have a $30-million capital. BIDV will own 51% in the bank, leaving VTB with the remainder. The bank will carry out credit and payment operations, serving Russian investors in Vietnam and Vietnamese investors in Russia. The new bank’s foundation will be announced when the economic leaders of the Asia Pacific Economic Cooperation (APEC) countries convene in November 2006.
Source: BIZZ.RU, May 31, 2006
