5-11-2012 — /europawire.eu/ — VTB President and Chairman of the Management Board Andrey Kostin visited the Republic of Angola on October 31, 2012.
During his working visit, Andrey Kostin met with the country’s President, José Eduardo dos Santos, and Vice-President Manuel Domingos Vicente to discuss the development of VTB Group’s relations with Angola and its broader involvement in the country’s financial and infrastructure projects, as well as in other countries in Sub-Saharan Africa.
The meeting underscored the importance of US$1bln financing arranged by VTB Group for the Angolan Finance Ministry, and the Group’s readiness to provide greater levels of financing. It was also noted that VTB intends to be actively involved in the development of Angola’s capital markets. VTB Chairman Andrey Kostin said that the bank stands ready to promote the Angolan market to major Russian companies, helping to attract further investment into the country.
“VTB Group plans to expand rapidly in Angola, a market where we see great potential for growth,” Andrey Kostin said. “We currently have an impressive portfolio of projects and deals in the corporate investment segment. This year we also emerged on Angola’s debt market by structuring a deal to provide a loan to the country secured by sovereign guarantees. We will make every effort to implement the agreements reached with the Angolan President and Banco VTB Africa S.A. shareholders on business development in the country.”
Banco VTB Africa SA is a joint Russian-Angolan bank and a subsidiary of VTB Group. The bank has been operating in Angola since 2006 focusing on corporate and investment businesses.