Alfa Bank board of directors approves establishing two branches in China

MOSCOW. Sept 11 (Interfax) - The board of directors of Alfa Bank has decided to establish two branches in China, one each in Beijing and Shanghai, the lending institution's press service said in a statement.

Alfa Bank intends to send the corresponding set of documents to the regulator in the near future.

"Alfa Bank has historically occupied a leading position in foreign trade activities, and developing business with China is strategically important for us. We see that our clients are actively focused on developing commodity and monetary relations with China, and we offer them advanced solutions," Vladimir Voyeikov, Alfa Bank's director of large and medium business, said in the statement.

Alfa Bank this year has launched services for operating with China for importers and exporters, simplified customs clearance, and offered profitable "tomorrow" options for purchasing the yuan.

"Opening the branches is the logical continuation of our strategy," Voyeikov said.

VTB is currently the only Russian bank that has a financial license to conduct banking operations in China, having opened a branch in the country in 2008. Sberbank planned to open branches in China at the end of 2023.