The EDB to access transactions in Chinese yuan
Almaty, 4 May 2018. The Eurasian Development Bank (EDB) signed a number of treasury and custody agreements with Industrial and Commercial Bank of China Limited (ICBC), China’s largest banking group. The agreements were entered into with ICBC’s subsidiary in Hong Kong, ICBC Asia Ltd., as well as with its subsidiary in Kazakhstan and Central Asia, Industrial & Commercial Bank of China (Almaty).
“Partnering with the ICBC Group will ensure the EDB’s access to transactions in Chinese yuan,” Berik Mukhambetzhanov, Member of the Management Board and Managing Director for Finance at the EDB, commented. “The EDB intends to continue to develop mutually beneficial relationships with the Chinese partner. In the near future, the Bank plans to open a correspondent account in Chinese yuan with Industrial & Commercial Bank of China (Almaty).”
Additional Information:
The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.
The EDB Media Centre:
+7 (727) 244 40 44, ext. 6147 (Almaty)
Industrial & Commercial Bank of China (Almaty) was established in 1993 and is China’s first subsidiary bank in Kazakhstan and Central Asia controlled by Industrial and Commercial Bank of China Limited (Beijing), China’s largest banking group, as its sole shareholder.
Industrial and Commercial Bank of China Limited (ICBC) has branches and offices in 45 countries and regions and is the largest banking group, having been ranked number one for the last five years (from 2013 to 2017) in The Forbes Global 2000 and The Banker’s Top 1000 World Banks.