St Petersburg Branch of ICBC Moscow was formally established on March 23rd (local time), which not only ended the history of no Chinese banking presence in St. Petersburg, but also made ICBC Moscow the only Chinese bank with institutions in the two major economic centers in Russia - Moscow and St. Petersburg, which has further improved ICBC’s service network in Russia and improved financial service.
ICBC Vice President Hu Hao said at the launch ceremony of St Petersburg Branch that Russia is the largest country among the countries related to the Belt and Road Initiative. In recent years, China and Russia have continued to deepen comprehensive strategic partnership with fruitful cooperative results in finance, energy, technology and infrastructure. St. Petersburg is the second largest city in Russia and an important economic and financial center. The official opening of ICBC St. Petersburg Branch will leverage the Group’s business network, and meet the financial needs of customers in St. Petersburg and Northwest Russia, boost local economic growth and further deepen Sino-Russia economic, trade and investment cooperation.
Founded in October 2007, ICBC Moscow is currently the Chinese commercial bank with the largest assets in Russia. Over the past ten years, ICBC Moscow has dug into local market and boosted the economic and trade cooperation between China and Russia through comprehensive financial services including corporate and project credit, trade financing, deposit, settlement, securities brokerage, custody, agent fund and securities transaction, foreign exchange, global cash management, investment banking and corporate financial consultant. Designated by the PBOC as the RMB clearing bank in Russia in 2016, ICBC Moscow is the most important RMB-RUB transaction market maker of the Moscow Stock Exchange.
In recent years, ICBC has been adapted to the diversified customer demand for financial services by strengthening overseas presence along with China’s foreign trade and investment route. ICBC’s overseas network has now covered 42 countries and territories around the world, with 127 branches in 18 countries along the Belt and Road Initiative. In addition, ICBC has indirectly extended to 20 African countries through equity investment in the Standard Bank of South Africa, forming a service network across Asia, Africa, Latin America, Europe, America and Australia, and significantly improving its global service capacities.