VTB Bank’s Shanghai branch, the only Russian bank with a Chinese financial operating licence, has begun conducting transactions in Chinese yuan for corporate clients who are Chinese residents.
The bank has successfully completed its extensive preparations including additional capitalisation and obtaining a new licence. The bank now accepts deposits, issues loans and conducts cash transactions in yuan.
Until recently, the bank was required by Chinese banking market rules to use rubles or foreign currency.
The possibility of offering transactions in the yuan will extend the range of services VTB provides in China, and will promote growth in the local client base and in the volume of corporate business. Local currency transactions are especially important for units of Russian companies in China and for Chinese companies involved in
«Working with the yuan is a major step in the development of VTB’s business in China. VTB is the only Russian bank operating in China with a local licence, something we regard as a competitive advantage. We expect transactions in the Chinese yuan to become a significant share in our services portfolio. We are also confident that this expansion of our services range will promote the rapid growth of VTB's business in China and Russian-Chinese trade and investment in general.»
First Deputy President and Chairman of the Management Board
"VTB’s Shanghai branch serves several major companies including KuibyshevAzot Group and Sportmaster Group," said Mikhail Yakunin, Head of the Financial Subsidiaries Division. "The bank’s Chinese assets stood at US$ 96 million as of 1 August, 2013. We hope that yuan transactions will expand the bank’s client base and move it to a new level of development."
VTB Bank’s Branch in Shanghai (China) was established in 2008 and is the only bank in the CIS that has a banking operations licence in China. In November 2010, the Branch was granted