Banking

ABC, PSB in post-financing agreement

(Xinhua)
Updated: 2011-02-17 14:54

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.

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"The bilateral cooperation among commercial banks is in full swing under the guidance of the financial Cooperation sub- committees in Russia and China respectively," Wu said, adding that he believed the agreement would further facilitate enterprises from both countries to promote cooperation on economy and trade.

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.