Russia's VTB Bank, the country's second-largest financial institution with assets totaling $290 billion, will participate in the 14th International Exhibition of Exchange, Bank & Insurance (Iran Finex 2024).

This announcement was reported on Saturday by IRNA, citing Saleh Sepasdar, secretary of the exhibition's policy-making council.

VTB Bank's participation marks the first time a Russian bank has joined this prominent event.

Sepasdar noted that VTB has been strengthening its brokerage relationships with the Central Bank of Iran (CBI) and other Iranian financial institutions over recent months.

The bank is now set to provide a range of banking services and operations in Iran.

With four branches outside Russia, VTB Bank aims to expand its services across CIS countries, Africa, Latin America, and Asia.

The 14th Iran Finex exhibition is scheduled to take place from August 9-12.

Read more: BRICS' push to reduce US dollar dominance with digital currencies

In late June, Iran unveiled the digital currency "CBDC", a currency that is comparable to a banknote and issued electronically by the Central Bank of Iran (CBI).

The CBI previously stated that it intends to develop a digital currency to ease purchases for customers of the country's banking network.

According to the CBI, a prototype version of its electronic currency was ready for deployment on the island of Kish in southern Iran after several years of development and testing.

The CBI expects that the pilot platform will eventually allow the bank to introduce a digital version of Iran's national currency, the rial.

Iran launched its digital currency program in 2021, following preliminary investigations and clearance from the country's High Council of Money and Credit.

Read more: Digital payment tools to reduce reliance on USD, Euro: Russian Deputy