From April 2014, corporate clients of IBSP Bank got the opportunity to open settlement accounts and make settlements not only in roubles, dollars and euro, but also in Chinese yuans. The Bank established correspondent relationship with one of the largest banks of the People’s Republic of China, Agricultural Bank of China. Agricultural Bank of China ranks No.10 in the rating of “Top 1000 World Banks 2013” according to The Banker magazine, as of 01.01.2013, the bank’s assets amounted to RMB 13,244 bln.
Opening the account in yuans shall significantly simplify the work of the Bank’s clients with their partners from the People’s Republic of China, speed up the time of money transfers, allow avoiding the expenses for conversion of funds, and also allow greatly decreasing the risks related to currency fluctuations.
Sergey Bazhanov, President of IBSP Bank noted: “In consequence of dynamic development of trade and economic relations between Russia and China, the possibility to carry out payment in yuan is of key importance. IBSP Bank has timely estimated the perspectives of cooperation with Chinese banks. In the result, we have an opportunity to carry out wire transfers in yuans from settlement accounts of our clients directly to China, excluding intermediary banks. At the moment, IBSP Bank is actively studying the opened opportunities, and in the very near future, it shall generate new products for clients which do business with the People’s Republic of China”.
Previously, in November 2012, IBSP Bank and Agricultural Bank of China concluded the memorandum on cooperation.