Russia's Vneshtorgbank joins Trade Bank of Iraq consortium
Russia's Vneshtorgbank (VTB) has joined the Trade Bank of Iraq (TBI) consortium, which unifies 18 banks. As of now, VTB will provide services for foreign trade activities between Iraq and Russia, acting as a sole Russian authorized bank.
The assets of the Bank as of June 30, 2004 amounted up to US$12.1 billion.
Presently, the Government of the Russian Federation is the major shareholder of Vneshtorgbank, with its share accounting for 99.9%. Among other shareholders are "Gazexport", Sberbank, "Energomashexport", "Ingosstrah