VTB’s Online Trading Service Expected to Attract 1 Million Clients

VTBVTB - Online Trading, one of the leading Russian universal banks, has launched a service for buying stocks via online trading and without visiting a branch. Available via the Internet and mobile banking, the service is expected to increase the number of VTB clients registered in the Moscow exchange trading system to 1 million people.

VTB will add exchange-traded mutual funds in different currencies in the near future. The minimum investment amount is 10 thousand rubles.

Vladimir Potapov, head of brokerage services at VTB Bank and chief Executive officer of VTB Capital Investments, said: “Our strategic goal is to make investments as simple, clear, and accessible as possible in all channels. Now in the unified VTB-Online system, customers will be able to buy VTB stocks and Federal Loan bonds – the basic tools for novice investors. If the client is interested in a wider list of stocks, they can install the application “VTB My Investments”, which is a full-fledged trading terminal that gives access to more than 5,000 stocks. We believe that investments will soon become an integral part of savings for every family.

Nikita Chugunov, head of the digital business Department – senior Vice President of VTB, commented: “We’ve seen the interest of VTB customers in investment products, and our task is to offer a comprehensive service to meet their financial needs. The new functionality will make investments even more accessible to the public. Customers will not only be able to open a deposit or savings account in VTB online, but also buy basic stocks.”

VTB states that 550,000 new brokerage accounts were opened in 2019, with more than 90% of them doing so online. The number of VTB clients registered in the Moscow exchange trading system has doubled over the past year, from 319,000 to 650,000. The bank expects this number to be about 1 million people by the end of the year.

In September 2019, VTB’s Forex division appointed Sergey Zharov as Chief Executive Officer, where he will look to preserve and strengthen VTB’s position as a leading forex service provider in Russia as per the statement released by the firm. VTB Capital Forex serves as a dealer for over the counter forex forwards contracts. CEO Alexander Sokologorsky moved to the brokerage division of parent firm VTB Bank, where he became in charge of leading new projects as part of retail investment customer service.