VTB and The Philippines-Russia Business Council (PRBC) have signed a Memorandum of Understanding (MOU) on future business cooperation.
This MOU is intended to establish a co-investment program. The two institutions will focus on investment opportunities in Russia and the Philippines. According to the terms of the MOU, VTB will provide PRBC with a range of products and services to support PRBC-linked companies’ and their projects in Russia and CIS.
The PRBC is the principal organization driving business relations between the Philippines and the Russian Federation. It aims to improve Philippine-Russian business ties and provide new opportunities, as well as support companies from both countries to enter new markets.
Riccardo Orcel, Deputy CEO of VTB Group, Head of VTB International, said: "VTB Group is a global provider of financial services and we are delighted to develop closer relations with international clients. The Asia-Pacific region is strategically important for VTB business development, and I am confident that this MOU will form the foundation of a long-term and mutually beneficial partnership between VTB Group and PRBC across the full range of commercial and investment banking services. This partnership will seek to strengthen business and trade relations between our two countries.”
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