Chinese, Vietnamese banks showing interest in opening Russian branches - Duma committee chairman

MOSCOW. Oct 22 (Interfax) - Chinese and Vietnamese banks are showing interest in opening branches in Russia, chairman of the State Duma's Financial Market Committee and head of the Association of Banks of Russia's council Anatoly Aksakov said.

"Several credit organizations [from China], not the top tier and not the largest ones, are nevertheless showing an interest in Russia and want to use the new opportunities for [opening] branches. We now have legislation so that foreign banks can open branches in order to work here," Aksakov said at the Tolk financial and investment conference organized by TBank .

"We're receiving signals; there is an interest in Russia. The economy is developing, and obviously everyone wants to earn money. That includes the Chinese, they were actively giving us signals. We've received information from Vietnam that their banks are ready to come here," he said.

Russian President Vladimir Putin signed a bill into law in August which permits foreign banks to open branches in Russia. Foreign banks will have the right to create no more than one branch in Russia. Such branches must have a full name in Russian, and no more than half of their employees can be foreign citizens. They will be obligated to observe Russian laws regarding anti-sanctions policies.