VTB bank Belgrade to establish cooperation with China's VTB Shanghai

VTB bank Belgrade has announced it is in the process of opening nostro accounts with another member of the group - VTB Shanghai in China, which will give it access to one of the biggest financial markets in Asia.

A decision to add the Chinese currency - Chinese Yuan Renminbi (CNY) - to the list of foreign currencies allowed for trading in the Serbian market was made early 2015, which opened up the possibility of making direct payment transactions with the Republic of China. Using VTB bank Belgrade's accounts in Shanghai, clients will be able to arrange payments for imported goods with their partners in the Chinese currency (CNY) and, thus, protect themselves from the risk of losing money on exchange rate differences, the bank said in a release.

Benefits for people (physical persons) who are clients of VTB bank Belgrade lie in the possibility of receiving and sending money in CNY, in line with applicable regulations.

Chairman of the Executive Board of VTB bank Belgrade, Markus Ferstl, pointed out that the bank's trading in Russian Ruble this year accounted for 37.7% of all such transactions in Serbia.

Api bank ad Beograd

VTB bank Belgrade

VTB Shanghai

financial markets of Asia

Chinese currency

Chinese Yuan Renminbi

CNY

payment operations

Markus Ferstl

Russian Ruble

RUB