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One of the largest banks in China will open a subsidiary in Russia
One of the largest banks in the PRC - the Chinese Agricultural Bank of China Limited, founded in 1951 and being one of the country's four systemically important banks - decided to open its own subsidiary in Russia. A subsidiary of Agricultural Bank of China Limited is registered with the Central Bank of Russia as China Agricultural Bank. As for the "parent" organization, today this bank covers the whole of China, as well as Hong Kong and Singapore. The fact that a Chinese credit and financial institution may start working on the Russian market was reported back in early September. Then this became known from the Deputy Chairman of the Bank of Russia Mikhail Sukhov.
The authorized capital of China Agricultural Bank will be about 1.4 billion rubles. At the moment, the organization has not yet received a license. To do this, she must pay the authorized capital. The bank was registered, and as for obtaining a license, the Central Bank of Russia announced that the Chinese partner still has time to implement the venture.
As of 1 on April 2014, 245 credit institutions with foreign capital are registered in Russia. At the same time, about 78 banks in their authorized capital have 100% participation of foreign organizations. The largest international financial institutions work in Russia, among which there are such as: BNP Paribas, Citigroup Inc., UniCredit, Societe Generale, Raiffeisen Bank International AG, Nordea Group and many others. The emergence of the Chinese representatives of the financial sector in the domestic market also looks very promising, local experts say. But some believe that this in itself is a cause for concern.