Russian bank VTB to open China branch

Russia's second-largest bank, VTB, said on Tuesday it is preparing to open a branch in Shanghai after becoming the first Russian bank approved to do business in China.

By Agencies | Feb 26, 2008, 03.05 PM IST

SHANGHAI: Russia's second-largest bank, VTB, said on Tuesday it is preparing to open a branch in Shanghai after becoming the first Russian bank approved to do business in China.

The state-owned OAO Bank VTB a successor of the Soviet Union's foreign trade bank has begun expanding internationally after an initial capital offering that raised some US$8 billion.

The bank already has branches across Europe, Africa and India.

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