IBSP Bank offers deposits in yuans for legal entities

07.07.2014

IBSP Bank launches the new product for corporate clients, deposits in Chinese yuans. Establishment of correspondent relationship between IBSP Bank and Agricultural Bank of China made it possible to open deposits in Chinese currency.

Taking into account the stability of the yuan rate, the deposit in Chinese currency is intended to decrease the risks of holding of funds. First of all, this deposit shall be popular with the clients which do business with the People’s Republic of China.

The deposit is opened for the time period from 1 week to 1 year. The interest rate depends on the time and amounts from 1.25 to 4.25% per annum. The minimal amount of initial installment is RMB 100,000.

 Time of deposit Interest rate
1 week 1.25%
2 weeks 1.5%
1 month 2.25%
2 months 3%
3 months 3.5%
6 months 3.75%
9 months 4.0%
1 year 4.25%

As of today, the offer for opening deposits in yuans is in force in the territory of Saint-Petersburg and Leningrad region.

Sergey Bazhanov, President of IBSP Bank noted: “We are expanding the product range in compliance with the needs of our clients which carry out international economic activity. Previously, we were the first in Saint-Petersburg which established direct correspondent relationship with one of the largest banks of the People’s Republic of China (Agricultural Bank of China) and got the opportunity to open settlement accounts in yuans”.

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