To further develop its correspondent banking network, Center-invest Bank has opened correspondent accounts in US dollars and Chinese yuan with the Industrial and Commercial Bank of China (ICBC). ICBC is China’s largest bank and one of the leading banks in the world.

This new correspondent banking relationship further expands Center-invest Bank’s international cooperation. It will simplify the procedure for handling financial transactions between customers who are trading internationally.

"Our decision to open these accounts reflects our customers’ requirements and the increased importance of international payments in Chinese yuan," said Lidia Simonova, deputy chairman of Center-invest Bank’s Executive Board. "We will be using these accounts to help our customers (SMEs) to develop their trade and economic links with Chinese counterparts, and to make international payments as quick as possible, with minimum costs. This includes avoiding currency risks."

Moreover, Center-invest Bank has introduced preferential terms for its customers: payments made in Chinese yuan under international trade contracts are exempt from bank charges.

In 2016 the volume of transactions in Chinese yuan under our customers’ international trade contracts was CNY10m.