Russia’s top bank expands into Shanghai

by Richard Kilner

Story link: Russia’s top bank expands into Shanghai

Yesterday saw Venshtorgbank, Russia’s biggest bank, open its first ever branch in China.

The branch is located in Shanghai, and is being seen as the first step in a new phase of financial relations between the two Asian countries.

Andrei Kostin, president and chairman of the Venshtorgbank Group, has described China as the most promising economy in the world today.

Kostin also said that he is confident the Shanghai branch of his firm will grow as successfully as the rest of the Chinese economy.

Venshtorgbank will collaborate with China UnionPay system, Kostin added, and thus be able to provide credit card facilities to clients.

Several Chinese banks are granted credit agreements by Venshtorgbank, allowing long-term financing, in addition to insurance,for Russian importers buying goods and services from China.

The bank intends to apply for the right to offer RMB services within the next three years.

Venshtorgbank Group has branches in 17 countries, and assets totalling US$80bn.