Industrial and Commercial Bank of China (ICBC) is expected to open a subsidiary bank in Moscow in early 2007, according to an economic and trade cooperation forum held Saturday in southwestern Sichuan Province.

 

ICBC, China's largest state-owned commercial bank, began to apply for establishing the Moscow operation this year. The scheme to open its Moscow subsidiary bank, with a nodding from the Chinese government, has been submitted to Russian supervisory authorities for examinations and approval.

 

ICBC's subsidiary bank in Moscow is due to go into operation early next year, with an aim to provide a better and still more efficient service for Chinese and Russian enterprises.

 

Since the opening of its representative office in Moscow in 2003, the ICBC currently has up to 42 agent banks in Russia, and they have forged an all-round business cooperative relationship with a number of Russian banks and enterprises.

 

(Xinhua News Agency May 29, 2006)