China’s largest bank entered the Russian market – APR PRESS

China's largest bank entered the Russian market – APR PRESS

Credit institutions of the Russian Federation are not afraid of competition

In Russia there was one of the largest Chinese banks – Chaynaselhozbank, reports Trend. APR PRESS referring to the newspaper Kommersant.

This is one of the four major banks in China, entered the Russian market. Among them: Bank of China (ELOS), China Construction Bank and Industrial and Commercial Bank of China.

It seems that the new bank is the “daughter” of China Agricultural Bank of China (ABC).

Join this bank was made more September 25, but the license has not yet been issued to the bank due to the fact that he had not paid share capital – 1.4 billion rubles.

It is unknown whether the new Bank qualify for fundraising citizens. Currently there are three Chinese banks operating in Russia are interested in retail deposits only two – Bank of China (Elos) with a capital of 935 million rubles, and China Construction Bank with a capital of 4.2 billion rubles.

In this case, Commerce Industrial Bank of China can not raise the capital of the Russian citizens, a license for this activity in the Russian Federation, he has not received.

Economists say that so far, the Chinese special activity did not show.

However, it seems on the political situation, Russia is increasingly turns to China and their banks may well take advantage of the situation and to attract large corporate customers from Russia, experts say.

We recall that the Russian market will be a major foreign bank said in early September, deputy chairman Mikhail Sukhov. Then was not told of what it was he in the region at that time was only known that this bank is not from Europe and the USA. ABC itself on its website reported in June that it plans to expand its presence in Europe by entering the markets of Russia and Luxembourg, to “promote cross-border use of RMB and help companies become global”.

In spite of this, Russian credit organizations to competition from Chinese banks are not afraid – the Russian economy is clearly undersaturated credit resources, and there is enough space on all, experts say.

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