VTB Bank keen to further help develop Azerbaijan-Russia trade relations (Exclusive)

Business Materials 5 September 2018 21:09 (UTC +04:00)

Baku, Azerbaijan, Sept. 5

By Anvar Mammadov - Trend:

VTB Bank (Azerbaijan), a subsidiary of Russia’s VTB Bank PJSC in Azerbaijan, intends to contribute to the development of trade relations between Azerbaijan and Russia in the future as well, Chairman of the Board of VTB Bank (Azerbaijan) Yevgeniy Kirin said in an interview with Trend.

“We, as a Russian bank, are interested in strengthening economic relations between our countries,” Kirin said. “Our mission is to create the most favorable conditions for operations that will contribute to development of the economies of the two countries.”

He noted that the trade turnover between the two countries grows every year and the export of non-oil products from Azerbaijan to Russia grows at a fast pace.

The main areas of interest for the bank in terms of investment are also related to the non-oil sector of the economy, he added.

“Presently, in the non-oil sector, agrarians are exporting their products most actively,” he said. “We are following with great attention the development of projects related to the pharmaceutical industry. For example, some time ago, a project involving Russian-Azerbaijani capital was widely discussed in business circles and the media. We are following the development of this project with great interest.”

At the same time, he stressed the bank isn’t going to limit itself only to the abovementioned areas.

“We are guided not only by the abovementioned industries,” he said. “When making a decision on cooperation, the feasibility and prospects of each business idea is of primary importance. If we see a well-thought-out business model and a clear strategy, we focus on cooperation not depending on the industry.”

“Of course, the Russian-Azerbaijani cooperation is a priority for us, but we don’t limit our activity to a closed list of separate industries or areas,” he added. “There are leading companies of both national and international origin, and we are more focused on them.”

VTB Bank (Azerbaijan) has been operating in Azerbaijan since 2009.

(1.7 AZN = 1 USD on Sep. 5)


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