VTB announced Monday it has become the first Russian bank to become a full member of the London Bullion Market Association (LBMA).
The bank has an active presence in the international market for precious metals and was considered the top bank in the Russian Bullion Forum in 2013 and 2014. They hold approximately 110 tonnes of gold and 550 tonnes of silver.
Full membership in the LBMA allows VTB to expand its operations across the emerging markets, especially in Asia, further boosting the strategic diversification of its markets and client base, VTB Chairman Yuri Soloviev said. The bank hopes to increase transactions of precious metals and expand into global markets.
VTB is also now able to have representation on certain committees within LBMA and to vote on measures and other items the association takes on.