CCB opens branch in Russia
China Construction Bank becomes third Big Four bank operating in Russia.
China’s second largest bank by assets opened a branch in Moscow in a bid to expand its Russian business, said the Bank of Russia, the central bank. CCB previously had a representative office in Russia.
CCB, however, still has to receive a Russian banking license as it has not yet paid up its charter capital. It invested US$150 million to open the new branch.
CCB joins two other Big Four state owned banks, Bank of China (Eluosi) and Industrial and Commercial Bank of China, with branches in Russia.
The trio are bucking the trend of foreign lenders leaving Russia to cut costs and mitigate the consequences of the 2008 financial crisis.