VTB Bank and China Construction Bank (CCB) have signed a cooperation agreement on the trade and delivery of precious metals, including gold, says a corporate press release.

      “This groundbreaking agreement with a major Chinese bank will regulate bilateral gold transactions between VTB and CCB. It will also enable VTB Bank to expand the number of counteragents and services offered on the Chinese commodity market while also boosting commodities trading between the two countries,” according to the website.

      “China is one of the world’s largest buyers and consumers of gold, and so it is very important for VTB to enter this market in cooperation with highly respected partners such as CCB. We will continue to expand the range of services we offer in mainland China by adding new tools that can be used on the global commodity markets and to facilitate Russian-Chinese trade in a number of economic sectors,” Herbert Moos, Deputy President and Chairman of VTB Bank’s Management Board was quoted as saying by the official statement.

      VTB Bank is Russia’s second largest lender by assets. Classified as blue chips, VTB shares are among the most liquid on the Russian stock market. The Bank’s securities are traded on Russia’s joint MICEX-RTS Exchange and as global depository receipts on the London Stock Exchange under the VTBR ticker. The Russian government owns 60.9 percent of VTB Bank’s equity.

      VTB Bank is part of VTB Group, a global provider of financial services, that offers a complete range of financial services including retail, corporate and investment banking; broking and other stock-market services, insurance, asset management for pension and unit funds, leasing, and more. The services are available to clients in more than 20 countries across the CIS, Europe, Asia and Africa.