Financial System – Restoring Confidence and Growth

The basic premise of the B20 Finance Task Force (B20 FTF) is that the financial stability and the deepening of the access to finance are essential prerequisites for the return to sustainable economic growth. At the heart of the proper functioning of the financial system lies trust and confidence. In the aftermath of 2007-2008 global financial crisis both were significantly impaired. Hence, the restoration of the confidence in the financial system and the measures aimed at increasing its ability to withstand the more volatile economic environment global economy is facing for the foreseeable future will form the core of the B20 FTF agenda for 2013 Russia's Presidency. On the other hand, and as importantly, the unintended consequences of policies aimed at achieving the above-mentioned goals are to be given a proper consideration.

The line-up of the agenda is informed by the continuity of the work done in Cannes and Los Cabos, as well as the topics highlighted by the declared priorities of Russia's G20 Presidency.


Chairman: Andrey Kostin, CEO – Chairman of the Board, VTB Bank

Since 2002 - VTB Bank, President and Chairman of the Management Board, Member of the Supervisory Council.

1996 - Under the Presidential Decree Appointed as Chairman of Vnesheconombank, with the authorities being extended in 1999 for another three years.

1995 - Elected First Deputy Chairman, National Reserve Bank.

1993-1995 - Deputy Head of Foreign Investment Department, Imperial Bank.

1979-1992 - Diplomatic service: during 1979-1982 – in the USSR Consulate General in Australia, in 1985-1990 – in the USSR Embassy in Great Britain.

1979 - Graduated cum laude from Moscow State University with a degree in International Economics, Ph.D. in Economics.

1956 - Born in Moscow. Married

Academic degree - Ph.D. in Economics.
Positions held in other organizations

President of all-Russia public organization "Federation of Sport Gymnastics of Russia"; member of Highest Council of all-Russia political party "United Russia"; member of Board of all-Russia public organization "Russian Union of Industrialists and Entrepreneurs", dean of High School of Management, St. Petersburg State University.

Company brand name Logo Official website
VTB Bank image001 copy
Earns & Young Global image003 web

MEDEF medef web

Credit Suisse image006 web
ANZ Bank image008
Industrial and Commercial Bank of China bankofchina
BNP Paribas image011 copy web
Societe Generale sgeneral

Commerzbank image015 web

Deutsche Bank image016 web

Deutsche Boerse image018

Bank of Tokyo-Mitsubishi UFJ tokyobank

BBVA image021 web

Bank Pozitif bankpositif


HSBC Holdings hsbs

Barclays image028 web

Standard Chartered Bank image031

Citi image032 WEB

Morgan Stanley image034

The Institute of International Finance image036

International Chamber of Commerce image038

Paris Europlace paris europlace logo

Mazars Group paris europlace logo

UniCredit Unicredit


  • Development of financial infrastructure
  • Improvement of financial regulation
  • Broadening access to financial services

Key meetings: 




12 December 2012  

Moscow, National Hotel Moscow 

First meeting of the Business 20 (B20) "Financial Stability Taskforce at Priorities for the Russian G20 Presidency: the Business View"

25 January 2013  

Davos, Switzerland, The World Economic Forum  

Meeting of the Business 20 (B20) Financial Stability Taskforce chaired by VTB Bank President and Chairman of the Management Board Andrey Kostin 

30 January 2013

Moscow, The Higher School of Economics  

Meeting of the Business 20 (B20) organizing committee 


20 March 2013 


B20 Finance TaskForce Conference 



B20 Finance Taskforce finalises recommendations for G20 leaders

On 20 June 2013, the B20 summit opened as part of the St. Petersburg International Economic Forum.

The members of the B20 taskforce Financial System — Restoring Confidence and Growth, chaired by VTB President and Chairman of the Management Board Andrey Kostin, met during the summit and discussed recommendations which had been published previously in the Green Book and finalised them for subsequent presentation to the leaders during the G20 summit, which will take place in Russia on 5–6 September 2013.


«We were glad of this opportunity to meet and discuss again our recommendations to the G20 leaders. I would like to say that after a fruitful discussion inside our group the recommendations will be finalised and are ready to be presented to the leaders.»

Andrey Kostin, 
VTB President and Chairman of the Management Board

VTB attends B20 meeting during Russian Business Week

VTB First Deputy President Vasily Titov on 20 March spoke at a session of the B20 Finance Task Force held to coincide with Russian Business Week, an annual event run by the Russian Union of Industrialists and Entrepreneurs.

The session – given the title “Restoring Confidence in the International Financial System to Support Economic Growth” – brought together members of the B20 Finance Task Force and international financial experts, and identified a number of issues that will be used to formulate recommendations for G20 leaders. 

Speakers included Vasily Titov, First Deputy President and Chairman of VTB Bank Management Board; Ksenia Yudaeva, Chief of the Presidential Experts Directorate and Russia’s G20 Sherpa; Stuart Lawson, Executive Director of Ernst & Young; Dmitry Dmitriev, Global Co-Head of Research at VTB Capital; Edouard Francois de Lencquesaing, Managing Director of the European Institute of Financial Regulation; Catherine Minard, International Relations Director at MEDEF; and Mark Burrows, Credit Suisse Vice Chairman for Investment Banking in Asia Pacific.

The list of final recommendations for the G20 leaders will be presented during the St. Petersburg International Economic Forum on June 20-22, 2013.

Vasily Titov said: “Today’s meeting is particularly important, as it is in effect a dress rehearsal for the St Petersburg International Economic Forum, when our task force will hold its final meeting. Everyone at today’s session had the opportunity to comment on and advance proposals on important topics including financial regulation, financial inclusion and financial market infrastructure. I am confident that we will complete the list of recommendations in the near future and will present to the G20 leaders a common stance that will reflect the opinions of the world’s leading financial experts.” 

The Finance Task Force met as part of a conference entitled “The International Financial System: Global Challenges and Economic Growth.” President of the Russian Union of Industrialists and Entrepreneurs and B20 Chairman Alexander Shokhin and Russian Finance Minister Anton Siluanov spoke at the conference.       

For reference:

JSC VTB Bank and its subsidiaries (VTB Group or the Group) is a leading Russian financial group, offering a wide range of banking services and products in Russia, CIS, in the selected countries of Europe, Asia, Middle East, and Africa, and in the USA. The Group conducts its banking business in Russia through VTB Bank as a parent and five subsidiary banks. The Group’s largest subsidiary banks in Russia are VTB24, Bank of Moscow, and TransCreditBank.

The Group operates outside Russia through 15 bank subsidiaries, located in the Commonwealth of Independent States (Armenia, Ukraine (2 banks), Belarus (2 banks), Kazakhstan and Azerbaijan), Europe (Austria, Cyprus, Germany, France, Great Britain and Serbia), Georgia and Africa (Angola); through 2 representative offices located in Italy and China; through 2 VTB branches in China and India and 2 branches of VTB Capital, Plc in Singapore and Dubai. The Group investment banking division also performs broker/dealer operations in the United States of America, securities dealing and financial advisory in Hong Kong and investment banking operations in Bulgaria.

The Group’s business franchise spans Corporate and Investment banking (CIB) and Retail Banking. In CIB, the Group provides a broad range of services and products including corporate lending, foreign trade transactions, syndicated loans, deposit and settlement services, equity and debt capital markets underwriting, project financing, merger and acquisition financing, advisory services, custody services, asset management and venture funds. In Retail Banking, VTB offers financial services, including deposit accounts, lending, debit and credit cards and transaction services to individuals and small-sized corporations.
The number of employees of the Group as of 30 September 2012 was 76,528.

In February 2011, the Russian Federation state reduced its share from 85.5% to 75.5% of VTB Bank’s shares as a result of an offering in the form of shares and global depositary receipts.

For more information please visit








Conference "Restoring Confidence in the International Financial System to Support Economic Growth"

The conference Restoring Confidence in the International Financial System to Support Economic Growth was held on March 20, 2013 within the framework of the Russian Business Week. The conference was organized in the form of panel discussions.

B20 Financial Taskforce Conference
On March 20, 2013, the B20 Finance Task Force will hold a regular meeting.
Andrey Kostin participates in the conference on Russia’s G20 presidency

On February 15, 2013, VTB Bank President and Chairman of the Management Board, Andrey Kostin,
participated in the conference, dedicated to Russia’s presidency in the G20,
organized by the Institute of International Finance (IIF) supported by the Russian Ministry of Finance.


Nikolay Samylichev
Head of International Relations Department
VTB Bank
+7 (495) 783 21 02



тату салон