The Central Bank of Russia has issued a banking license to China Construction Bank due to the expansion of activities, the Bank of Russia said in a press release.
"China Construction Bank has been granted License No. 3515 on May 24, 2016 to draw deposits and offer precious metals as its operations expanded," the press release runs.
For the record, the Russian subsidiary of Chinese China Construction Bank, which previously ran a representative office in Moscow only, was registered in early March 2013, and at the end of the same month it received a banking license from the Bank of Russia to conduct banking operations in rubles and foreign currencies (without drawing funds of households) and separately to retail deposits in rubles and currencies. Last November, the Bank of Russia issued a general banking license to the bank.
Since its establishment China Construction Bank's charter capital has been Rub 4.2 bln. The lending institution is a member of the deposit insurance system.
The bank writes on its website that its priority is to bolster and strengthen Russian-Chinese trade and economic relations. China Construction Bank's major customers are Chinese firms that roll out business in Russia, and also big Russian concerns and banks.
