VTB Bank could soon be overseeing the treasury
management business of VSK Insurance House after a pilot project
came to what the two companies described as a successful end.
Gurinder Nihal, Head of global transaction
banking at VTB said:
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“We hope to continue adding our value to the
company’s treasury. As the cooperation develops, we’ve been
considering further projects, e.g. VTB has been working on
facilitating VSK’s cyber sales expansion with our internet
acquiring solution.”
The project aimed at making the insurer’s
treasury function more efficient. The main focus was to concentrate
the bank’s cash flows and gain control over its cash management,
combining a Centralized Treasury Management System and Cash
Concentration Solution.
VTB has been supplying VSK with banking
solutions since 2001, while VSK has been insuring the
collateralised property of the bank’s borrowers.
The two companies are currently developing
cooperation in bank guarantees and the transaction banking
sector.
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By GlobalDataEarlier this month, VTB Bank has become the first major bank in
Russia to have consolidated its
ATM network fees, so all transactions on its ATMs count as home
fees.
