Nazarbayev had a meeting with VTB Bank Board on economic diversification

The meeting was also attended by the Deputy Head of the Presidential Administration Sultanov, a shareholder of «ENRC Kazakhstan» LLP F.Shodiev and First Deputy President - Chairman of the Board of "VTB Bank" JSC Yu.Solovev.

During the meeting they discussed the main directions of activity of the subsidiary bank in Kazakhstan, as well as the participation of VTB in development and diversification of the economy.

Nursultan Nazarbayev noted that VTB Bank, being one of the largest banks, not only in Russia but also in Europe, has been actively involved in lending to the private and corporate sector in Kazakhstan.

- As part of the industrial-innovative program extremely favorable conditions have been created for those who are implementing projects in our country. Kazakhstan actively promotes the development of small and medium-sized businesses, in particular, the growing pace of its lending. In general, today the banking system is developing, there is growth in the bank's equity, said the President of Kazakhstan.

The President also drew attention to the need for increased co-operation to promote small and medium enterprises in Kazakhstan, as well as in the framework of the Common Economic Space.

In turn, the Chairman of the Board of " VTB Bank" JSC expressed his gratitude for the arrangement and noted that the VTB Group was actively operating in Kazakhstan.

- We have plans to expand collaboration. We see that, thanks to your efforts, the economy is growing rapidly. In addition, the integration processes are taking place that increase the possibility of cross-border business. We are interested in working with large local companies, which are now entering the world and European level. So our goal is to explore the available opportunities here, said Kostin.

In addition, the meeting marked promising aspects of the mutually beneficial cooperation in the context of the ongoing efforts to improve the country's financial system.

Note: "VTB Bank " JSC is the leading Russian banking group, offering a wide range of banking services in Russia, the CIS, Europe, Asia, Middle East, Africa and the United States. The subsidiary bank has been present in Kazakhstan since 2008.