ICBC Obtains the Retail Banking License in Russia

ICBC (Moscow), a wholly-owned subsidiary of ICBC, has recently obtained the retail banking license from the Central Bank of Russia, allowing it to engage in absorption and utilization of rouble and foreign-currency funds from general Russian citizens.

An official with ICBC (Moscow) said that after acquiring the retail banking license, the bank will provide high-quality retail products and services to better serve retail customers and families, including local Chinese.

Experts point out that retail banking will help ICBC (Moscow) absorb stable individual deposits and enhance its market competitiveness. Since established in 2007, ICBC (Moscow) has been committed to serving Sino-Russian trade development and providing diversified financial businesses (including deposit, loan, exchange, international settlement, trade financing, institutional banking, fund market making, investment banking and securities) for Chinese and Russian corporate customers. ICBC has obtained securities trading, brokerage and custody licenses from the Central Bank of Russia and has been qualified as a RMB clearing bank in Russia. It has also set up St.Petersburg Branch, demonstrating strong momentum of growth.