Andrey Kostin has agreed with the administrative authority of Kazakhstan about VTB business group development in the Republic
On October 7, 2019, in the course of his official visit to Kazakhstan, the President-Board Chairman of VTB Andrey Kostin met with the President of the Republic Kassym-Jomart Tokayev, the Prime Minister Askar Mamin as well as the first President of Kazakhstan Nursultan Nazarbayev.
During the meetings, the parties have agreed to expand cooperation between VTB Group and Kazakhstan, which has a significant potential for the development of corporate investment business of VTB Group.
Kassym-Jomart Tokayev expressed support for VTB's efforts to finance entrepreneurship in Kazakhstan and underscored the importance of the development of the banking sector for the integration processes of the two countries and the Eurasian Union as a whole. Andrey Kostin has stressed that this year the Bank celebrates its ten-year presence in Kazakhstan and plans further active development of business.
In the course of the meeting with the Prime Minister of Kazakhstan Askar Mamin, VTB expressed its intention to increase VTB's loan portfolio to Kazakh companies, which currently amounts to about $4 billion, to $5-6 billion by the end of 2020. This will strengthen the VTB's role as one of the key financial institutions for economy development of Kazakhstan. The basic products of VTB Group in Kazakhstan are lending, operations in commodity markets and financial consulting. The key clients of the VTB Group in Kazakhstan are the largest companies in the mining, electric power and oil-gas industries, which form the basis of the national economy of the country. VTB acts not only as a lender, but also as a consultant for the projects development of the Kazakh companies in Russia.
The parties have agreed on VTB's participation in the infrastructure projects in the field of transport and development of postal infrastructure.
VTB will also take part in the work of the international financial center in the capital of Kazakhstan. Andrei Kostin has announced his intention to open a division of VTB capital within the framework of the International Financial Center "Astana". According to the head of VTB, the group is interested in further close cooperation with the administrative authority of the Republic in order to develop the banking sector of Kazakhstan.
Nowadays, the branches of Subsidiary VTB Bank in Kazakhstan operate in all regions of the country, providing all types of banking services to the individuals, medium and small as well as corporate and investment business. The Bank is an active participant in 12 governmental programs aimed at the development of entrepreneurship. According to the international rating Agency S&P, VTB Bank (Kazakhstan) currently has one of the highest credit ratings among the Kazakh banks. As of October 1, 2019, the Bank's loan portfolio in Kazakhstan exceeded 320 million dollars. License of the National Bank of the Republic of Kazakhstan No. 1.2.14/39 dated April 16, 2019.
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