MOSCOW, October 24 (RIA Novosti) - Vneshtorgbank (VTB), Russia's state-run foreign trade bank, is planning to open a branch in China by 2008, the bank's chairman said Tuesday.
"We will establish a branch [in China] whose services will focus on Russian corporate clients," Andrei Kostin said.
Vneshtorgbank and its subsidiaries (VTB Group) is a leading Russian commercial banking group, offering a large range of banking services and carrying out operations in the country and abroad. As of June 30, 2006, VTB Group included 151 branches.
Kostin also said the bank expects to receive more than 30 billion rubles (about $1.1 billion) in net profit in 2006.
