OJSC VTB Bank (Azerbaijan), a subsidiary of Russia-based financial group VTB Bank, has launched its operations in Baku, Azerbaijan.
VTB Bank is planning its development as a full-service bank offering a range of banking products and services. Initially, the bank intends to focus on servicing corporate customers and finance foreign trade. In future, VTB Group aims to develop retail and investment business, as well as other business lines in Azerbaijan.
Andrei Kostin, president and chairman of the management board at VTB Bank said: “Azerbaijan’s industrial and trade potential is very high, which makes this region attractive for investment. The Commonwealth of Independent States 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.”
