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Vneshtorgbank and Korea Exchange Bank have signed a cooperation agreement
Russia's state-owned foreign trade bank Vneshtorgbank (VTB) and Korea Exchange Bank have signed a cooperation agreement, the VTB press office said Monday. The agreement is designed to strengthen the partnership between both banks and create favorable conditions for the development of banking operations in bilateral foreign trade, the document said. Under the agreement, VTB and Korea Exchange Bank will expand cooperation in trade financing, including pre-export and project funding. Korea Exchange Bank was founded in 1967 to service South Korea's foreign trade. Korea Exchange Bank ranks 174th in the world and 7th in South Korea in terms of assets.
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