ICBC establishes branch in St Petersburg

ST PETERSBURG - Industrial and Commercial Bank of China (ICBC) established a branch bank in St Petersburg on Thursday.

It made ICBC Moscow the only Chinese-funded bank with institutions in Moscow and St Petersburg and improved its service network in Russia.

Vice President of ICBC Hu Hao said during the establishment ceremony in St Petersburg said that Russia is the largest country along the "Belt and Road Initiative" region.

China and Russia continue to deepen comprehensive strategic partnership in finance, energy, infrastructure and so on. St Petersburg is the second largest city in Russia and the important economic and financial center. With the opening of a branch bank, ICBC will actively serve Russia northwest customers financial needs and promote local economic development in order to further deepen Sino-Russian trade and investment cooperation.

ICBC Moscow Co Ltd was established in October 2007. It is currently the largest of Chinese-funded commercial banks in Russia.

ICBC Moscow is the Moscow Stock Exchange's most important renminbi-ruble trading market maker, and in 2016 it was designated by the People's Bank of China as the Russian renminbi clearing bank.

In recent years, ICBC has taken the initiative to adapt to the diversified needs of clients in order to improve China's foreign trade and investment. ICBC's overseas network covers 42 countries and regions, including 127 branches in 18 countries along the "Belt and Road Initiative" region.