Money
ABC, PSB in post-financing agreement
Updated: 2011-02-17 14:54
(Xinhua)
MOSCOW - Russia's Promsvyazbank (PSB) and the Agricultural Bank of China (ABC) signed a post-financing agreement in Moscow on Wednesday, pledging to further expand cooperation.
The two banks also exchanged copies of agreements on settle accounts in China's Yuan.
Wu Guoshan, deputy general manager of the International Department of ABC, said the post-financing agreement was the fruit of cooperation between ABC and PSB.
|
PSB President Artem Konstandyan stressed that the agreement would boost economic and trade relations between Russia and China.
Under the agreement, clients from both countries could fulfill payments and receive financing with minimum costs and without dealers, Konstandyan said.
"The increase of Yuan's active role in sphere of the world trade accounts have dramatically stirred up interests also among Russian clients, who do not stand off this global process," he added.
PSB is one of the leading Russian private banks and one of the world's 500 largest banks. ABC, one of China's big four commercial banks, began its cooperation with PSB in 1995.
E-paper
Online shops boom in China
Low investment, quick returns offer profit-making opportunities for struggling students.
Something 'fishy' about this trick
Banking on success
Branded outlets move in
Specials
The green lantern
Environmental concerns are shedding new light on a colorful tradition
Inland interchange
Chongqing bets on its position as a hub for China's west.
Zooming in on Chinese skies
Helicopter companies ride on country's growing interest in luxury aviation.