Russian bank aims to double its gold trade in three years


By Katya Golubkova
Thursday, November 3, 2016

MOSCOW -- VTB Capital, the investment banking arm of Russia's second-biggest bank, plans to double its gold-trading volumes over the next three years from around 110-150 tonnes a year currently, Atanas Djumaliev, head of global commodities at the firm, told Reuters.

VTB is one of the biggest players in the Russian gold market alongside Sberbank, Russia's biggest lender.

"In Russia we currently trade 70-90 tonnes a year. In the international market, another 40 to 60 tonnes, so our volumes are between 110 and 150 tonnes a year currently," said Djumaliev, who previously worked at Goldman Sachs.

"We are looking to double this amount over the next three years mostly by growing our international operations."

VTB Capital provides finance to gold producers in Russia, getting some of their gold output in return. VTB has to offer gold produced at home to the Russian central bank first, its biggest customer, before exporting it. ...

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