On December 19, 2014 Belgazprombank opened a correspondent account in Chinese yuans with Bank of China. Earlier, in September this year Belgazprombank opened correspondent accounts in Chinese yuans and US dollars in another Chinese bank, Agricultural Bank of China.
On December 19, 2014 Belgazprombank opened a correspondent account in Chinese yuans with Bank of China. Earlier, in September this year Belgazprombank opened correspondent accounts in Chinese yuans and US dollars in another Chinese bank, Agricultural Bank of China.
The cooperation in the area of settlements and documentary operations with the largest Chinese banks expands opportunities for the customers of Belgazprombank to do business in this region. The share of the People's Republic of China in the foreign trade turnover of the Republic of Belarus is steadily growing. Direct correspondent accounts in yuans will improve the quality and speed up the clearing of payments in favor of Chinese companies, thus promoting the realization by the customers of Belgazprombank of infrastructure and investment projects where capital goods, equipment, technology and machinery are purchased.
Moreover, the establishment of correspondent relations with Chinese banks gives Belgazprombank an excellent opportunity to open and advise letters of credit directly in favor of suppliers from China. This excludes intermediary banks from the settlement scheme, facilitates the realization of foreign trade contracts and reduces transaction costs of the customers of Belagazprombank.
Bank of China is one of the 5 biggest state-owned commercial banksin the People's Republic of China. It specializes in corporate and retail lending, financial markets operations, settlements, investment banking, insurance and banking payment cards. It is the 5th largest bank in the world in terms of assets which currently exceed 2291 billion US dollars. The bank has representative offices and subsidiaries in 29 countries worldwide.
AgriculturalBank of China Limited is a universal commercial bank whose services include opening and maintaining correspondent accounts in US dollars. It has been a direct participant of the United States private clearing house for large-value transactions CHIPS since 2013. In terms of assets which currently exceed 2405 billion US dollars it is the 4th largest bank in the world. Agricultural Bank of China Limited has representative offices and subsidiaries in more than 10 countries worldwide including Germany, USA, Australia, Japan and the Russian Federation.