VTB was the first Russian credit institutions started to supply gold to China. About this April 26, according to a press release from the Bank. In the future, VTB plans to actively increase the volume of transactions with precious metals and to increase the number of counterparties to become one of the leading suppliers on the Chinese market.
According to first Deputy Chairman of VTB Yuri Soloviev, VTB has a strong position in the Chinese financial market and the beginning of the supply of physical gold in China is an important step in the strengthening of the group’s business as part of our regional strategy.”
In October 2015 VTB Bank received the status of member of Shanghai gold exchange with the right to participate in the auction at the international Department of the exchange in the free trade zone of Shanghai. The Bank also has experience in the supply of gold and silver to India, and for several years occupied a leading position in the Indian market of precious metals.
Today China leads the world in gold production. At the end of 2014, the country produced about 460 tons of the precious metal.
