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Khabarovsk branch opened an account in favour of Bank of China

27 July 2004

Today, subject to plans to establish a Universal Clearing Centre at Khabarovsk branch`s premises to handle payments with China, Vneshtorgbank opened a USD clearing account in favour of Bank of China. The Clearing Centre will become an entity, which would enable Vneshtorgbank`s Russian and Chinese customers to make mutual settlements faster, easier and cheaper.

The opening of mutual foreign exchange accounts with Chinese banks is intended to foster economic relations between Russia and China, and proves increased confidence between banking institutions of both countries.

Mutual foreign exchange accounts enable counterparties of the two countries to bypass intermediary banks, save on fees, and make online payments.

Direct settlements improve conditions for legal business, creating prerequisites for a broader use of fund transfers as an option for payments by cash in hand.

It should be noted that the opening of the account with Vneshtorgbank is a precedent for the Bank of China to entrust a Russian bank with handling its account.

This event confirmed once again Vneshtorgbank`s sound business reputation on Asian markets and, in particular, steadily high level of confidence in VTB shown by Chinese leading financial institutions.

For reference:

Vneshtorgbank has been opening clearing accounts with Chinese banks since 2001. Nowadays, Vneshtorgbank`s Khabarovsk branch makes optimum settlements in terms of time and price with leading Chinese banking institutions (Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, Guanda Bank).

Vneshtorgbank handles over 30% of foreign trade volume of the Khabarovsk Region with China.

Bank of China, a State-run bank, was established in 1912. The Banker magazine placed it on 11-th positionong world major banks in terms of capital having long-term bank deposit rating of А2 (Moody`s). The Bank of China has over 12,000 offices in China, and subsidiary banks, branches and representative offices in 26 countries world-wide.

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