Russia's VTB Bank announced on Tuesday that it has signed a cooperative agreement with the Bank of China to improve cooperation in investment banking, lending, trade finance and capital markets.

The agreement was signed by Vasily Titov, the first deputy president and chairman of the VTB Bank management board, and Bank of China President Chen Siqing in the presence of Russian President Vladimir Putin and Chinese President Xi Jinping.

"The signing of the agreement underscores VTB Group's ongoing drive to grow its business in Asia, and will help facilitate the development of bilateral trade and economic relations between Russia and China, which have always been reliable partners," Titov said.

VTB Bank and its subsidiaries form the VTB Group, offering a range of banking services and products in Russia, the CIS, Europe, Asia, Africa and the U.S.