MOSCOW, March 6 (RIA Novosti) – China Construction Bank (CCB), China’s second largest bank by assets, has opened a subsidiary in Russia in a bid to expand its Russian business, according to materials posted on the Russian Central Bank’s website on Wednesday.
CCB’s management has previously repeatedly stated its intention to open a subsidiary in Russia, where hitherto it has had only a representative office. The bank’s board of directors decided two years ago to invest $150 million in the Russian subsidiary’s capital.
CCB still has to receive a Russian banking license as it has not yet paid up its charter capital.
Currently only two Chinese banks, Bank of China (Eluosi) and Industrial and Commercial Bank of China, operate in Russia.
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