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October 14, 2002
Interfax expanding information business in China
Beijing. (Interfax) - The Interfax Information Services Group and Vneshtorgbank announce the beginning of a new phase in the Interfax-China project. Interfax began offering information products on China in March 2000, and since then Interfax news has become an important component of information on China offered by the biggest international information companies and databases. Vneshtorgbank became a partner of Interfax in the Interfax-China project in the summer of 2002.
Interfax-China currently produces and distributes five information products in English: Interfax China IT&Telecom Report, Interfax China Metals Report Weekly, Interfax China Energy Report Weekly, Interfax China Business Report Weekly, Interfax China Business News.
Interfax-China is a leader among English-language information providers on various sectors of the economy and business in China. A leading team of journalists and editors produce Interfax-China information products in Shanghai, Hong Kong, and Moscow. Plans for continued growth include the opening of new bureaus in Beijing and other cities in China, expansion of the correspondent network, production of new information products and a significant increase in readership.
"We are absolutely certain that the active development of the Interfax-China project, which offers the full spectrum of valuable, quality information from China, will facilitate both the further development of Chinese-Russian relations and the intensification of commercial activity by the world business community in China,"
Interfax General Director Mikhail Komissar said. Commenting on Vneshtorgbank's participation in the project with Interfax, bank President Andrei Kostin said: "We are very interested in developing cooperation with China and in this sense expanding information support for our efforts on that market is important from the standpoint of business development. Given the resources of the Russian and Chinese information markets we consider participation in a project like Interfax-China a very promising commercial venture."
Interfax News Agency (www.interfax.ru), a member of the Interfax Information Services group, was founded in Moscow in 1989. Interfax publishes political, economic, financial, and business information from Russia and foreign countries and conducts in-depth research of market trends and the current situation in the oil and gas sector, metallurgical industry, fuel and energy complex, and other sectors of emerging market countries.
Interfax has earned the reputation on the world market as a leader in providing accurate and reliable political and business news and information services from emerging markets in Europe and Asia, and for this region. Nearly 1,000 Interfax employees around the world produce more than 3,000 news articles each day. Interfax offers technological solutions and software for the financial market, including the distribution of data and market news. Interfax clients include government offices, federal agencies, major corporations, investment funds, brokerage houses, and banks worldwide.
Vneshtorgbank (www.vtb.ru) is Russia's biggest commercial bank in terms of charter capital (which totals 42.1 billion rubles). The Russian government is its biggest shareholder with 99.9%. Equity capital as of September 1, 2002 totaled 58.5 billion rubles and net assets totaled 142.5 billion rubles. The bank closed the first eight months of 2002 with net profit of 8.7 billion rubles. Vneshtorgbank has one of the most extensive correspondent bank networks of any Russian bank that includes more than 1,400 banks, with more than 1,000 abroad and in CIS countries. Vneshtorgbank has four foreign subsidiaries: in Switzerland, Austria, Luxembourg, and on Cyprus, and has an associated bank in Germany. The bank as of September 1, 2002 had 39 affiliates in Russia and 48 offices. It has offices in China, Italy, and Ukraine.
Vneshtorgbank has signed several agreements on settlements in border trade with China's biggest banks - Industrial and Commercial Bank of China, China Everbright Bank, and Bank of China.
Contact:
Tatyana Romanchenko
Interfax-China, Director
Telephone: +7-095-251-4684
Fax: +7-095-250-9727
E-mail: tanya.romanchenko@interfax.com
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