JSC Bank "PSCB" has established direct correspondent relations with BANK OF CHINA LIMITED Zweigniederlassung Frankfurt am Main, Frankfurt Branch and opened correspondent accounts in Euro (EUR) and the Chinese yuan (CNY)
By Nikolay Alekseev February 14, 2017
On February 13, 2017 JSC Bank "PSCB" (PSCB) established direct correspondent relations with BANK OF CHINA LIMITED Zweigniederlassung Frankfurt am Main, Frankfurt Branch and opened correspondent accounts in Euro (EUR) and the Chinese yuan (CNY).
Owing to the increase in the number of export-import transactions performed by its customers PSCB has always actively sought out friendly and mutually beneficial cooperation with the Bank of China group establishing relations with its branches all over the globe.
New correspondent accounts will allow PSCB to excellently represent its customers' interests in various regions of the world, to expand the spectrum of bank products, instruments and services offered to them.
PSCB has always been a strategic partner of companies conducting foreign economic activities (FEA). The Bank performs international settlements in all major currencies and is active in financing import of goods from CIS countries, EU, Asia, North and South America employing such tools as letters of credit and guarantees.
As many customers of PSCB have substantial foreign trade turnover and contracts with companies located in the Peoples Republic of China (P.R.C.) this business area is constantly expanding and its effectiveness and importance for the Bank is constantly increasing.
Joint-stock company “Petersburg social commercial bank” (JSC Bank “PSCB”) is a universal commercial bank with its head office located in Saint-Petersburg and a branch in Moscow. It has been operating in the Russian banking market since 1993. On February 1, 2016 the international rating agency Moody's Investors Service affirmed the Bank’s global ratings at B2/NP, the outlook for all ratings is “stable”. JSC Bank “PSCB” renders the complete range of banking services to legal entities and individuals in St. Petersburg and Moscow and is one of the leading banks in Saint-Petersburg in the sphere of international business.
In 2010 JSC Bank “PSCB” became one of the few and one of the first Russian banks in Saint-Petersburg and the North-Western Federal District specializing in international settlements in the Chinese yuan (CNY). On December 16, 2015 JSC Bank “PSCB” was recognized by the Moscow Stock Exchange as the regional leader in CNY trading and awarded the certificate “The Leading Regional Bank in RMB Trading”.
On December 14, 2016 JSC Bank “PSCB” received the award for the second time thus proving its position as one of the leading regional banks in CNY trading.
In September 2016 cash transactions were introduced to supplement cashless settlements services thus enabling the Bank to expand the range of services provided to individuals.
In 2016 the Bank launched the revised version of its “CURRENCY Online” Software Application” making available the new Chinese currency instrument - CNYRUB_TOD to its customers.
Since 2009 when PSCB established correspondent relations with BANK OF CHINA (RUSSIA) and opened correspondent accounts in USD and CNY with the latter, PSCB has been providing international payment services in these currencies for customers trading with China.
BANK OF CHINA (RUSSIA) is a subsidiary bank of the Bank of China Limited (BOC Limited). Bank of China Limited maintaining a global scale branch network stands out from the rest of all other Chinese banks. China’s most internationalised and diversified bank provides a comprehensive range of financial services to customers across the Chinese mainland as well as 41 countries and regions.
Nikolay Alekseev Deputy Chairman of the Management Board Phone +7 (812) 332 2626 (ext. 7070) Mobile +7 (921) 942 9771 E-Mail: nalekseev@pscb.ru nikolay.alekseev@mail.ru
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