First Russian bank branch opens in China

BEIJING (AFP) — Vneshtorgbank has become the first Russian bank to open a branch in China, after establishing an operation in Shanghai, state media reported Wednesday.

"China's banking service industry is the fastest-growing and most promising in the world economy," the Xinhua news agency quoted Vneshtorgbank's chairman Andrei Kostin as saying.
The Shanghai branch will cooperate with the China UnionPay system to provide banking card services to both domestic and Russian clients, according to Kostin.

It also plans to apply to offer Chinese currency services within three years to broaden its business scope in the country.

By the middle of last year, foreign banks had 145 branches in China, according to data from the Chinese government.

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