The investment arm of Russia's second biggest bank launched its Middle East office in Dubai on Sunday and is poised to position itself as a conduit for billions of dollars worth of deals between the Arab world and the world's No. 2 oil exporter.
Trillions of dollars of deals in infrastructure, agriculture and oil and gas await in Russia and billions of dollars of investment opportunities exist in the Middle East and North Africa, said Masroor Haq, managing director of VTB Capital Plc in the Middle East and North Africa (MENA) region.
VTB Capital is a subsidiary of Russian bank VTB Group, 77.5 percent owned by the Russian government. The bank - which went public in 2007 and has a current market cap of $10 billion - has more than $100 billion in assets. The bank has about a 1,000 branches in Russia and the Commonwealth of Independent States (CIS).
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