Finance News

Chinese bank CCB is going to buy a bank in Russia

China Construction Bank (CCB), the second-largest bank in the world by market capitalization, will seize any opportunities to purchase a commercial bank in Russia, CCB President Zhang Jianguo said on Tuesday.

Noting Russia has more than 900 commercial banks, Zhang said in an interview with China's Xinhua News Agency: "If we have a right opportunity, we will not miss the opportunity" to buy Russian lenders.

Operating in Russia will also help lead China Construction Bank to do business in eastern Europe. "Russia is a key market of eastern Europe as the market has enormous potential in economic development," Zhang told Xinhua. Zhang was in Moscow to open a representative office to capitalise on growing trade between China and Russia, the bank said in a statement on its website.

CCB also seeks to deepen ties with the Russian business community as it grows increasingly international, the statement said. Two-way trade rose 43% in 2010 to top $55 billion, making China Russia's No. 1 trading partner, the bank noted.

"With bilateral banking cooperation showing its good development potential, CCB will increasingly pay attention to cooperation with Russian banking," Zhang told Xinhua.

The representative office is CCB's first presence in Russia and the bank hopes to upgrade it to a full branch within two years, Zhang Jianguo said.

Source: Reuters
Date: 31.05.2011 [ID: 293]

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