China Construction Bank to enter Russian market.

By bne IntelliNews August 23, 2011
Chinas largest mortgage bank China Construction Bank (CCB) is going to create a subsidiary in Russia, as approved by CCBs board. Planned investment in the capital of the new bank is RUB 4.2bn (USD 144mn). CCB (Chinas government being a major shareholder, 10% held by the Bank of America) was established in 1995 and operates more than 13,500 branches in China, Honk Kong, Europe and the U.S. Previously the bank intended to expand to Russia by acquiring a local commercial bank, an approval for which was expected to be granted in 2012.

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