ICBC to open subsidiary in Moscow in 2007
(Xinhua)
Updated: 2006-05-28 13:47
Industrial and Commercial Bank of China (ICBC) is expected to open a
subsidiary bank in Moscow in early 2007, according to an economic and trade
cooperation forum held Saturday in southwestern Sichuan Province.
ICBC, China's largest state-owned commercial bank, began to apply for
establishing the Moscow operation this year. The scheme to open its Moscow
subsidiary bank, with a nodding from the Chinese government, has been submitted
to Russian supervisory authorities for examinations and approval.
ICBC's subsidiary bank in Moscow is due to go into operation early next year,
with an aim to provide a better and still more efficient service for Chinese and
Russian enterprises.
Since the opening of its representative office in Moscow in 2003, the ICBC
currently has up to 42 agent banks in Russia, and they have forged an all-round
business cooperative relationship with a number of Russian banks and
enterprises.
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