During the Asia-Pacific Economic Cooperation forum in China  Monday, the Azerbaijan branch of VTB Bank announced it has hired Chinese technology company Huawei Technologies to upgrade its facilities.

Huawei is considered a global leader in information and communication technology solutions. Andrey Kostin, president and chairman of VTB's management board, and Meng Wanzhou, Huawei Technologies' executive board director, signed and finalized the agreement.

As part of the agreement, the bank branch will get cutting-edge telecommunications equipment, including servers, enterprise-class storage systems and cloud computing solutions. This news comes after the bank announced an increased loan portfolio in July.

The increased technological capabilities that Huawei will be providing the bank will allow VTB to cement itself as one of the leading financial institutions in Azerbaijan and Russia. With the technology enhancements the agreement will bring, the branch will be able to better serve its clients.