VTB (Vneshtorgbank) and Sovcomflot, Russia's largest shipping company, have signed an agreement outlining the major cooperation areas, RBC reports. The parties are set to cooperate in solving day-to-day and strategic issues, including in improving and developing the system of international and domestic settlements and implementing state-of-the-art financial resource management technologies at Sovcomflot. VTB will also provide loans and finance the company's daily operations and investment projects.
Furthermore, the parties have agreed on mutual consultation services in banking and finance. Sovcomflot will provide consultation services to VTB as far as navigation, vessel appraisal and shipping investment projects are concerned, while VTB is ready to assist the company in solving issues of corporate development financing as well as in its dealings on the Russian and international financial markets, including operations with securities.