BEIJING, October 13 (RIA Novosti) - Vneshtorgbank, Russia's state-owned foreign trade bank, has applied to open a branch in China, Russia's finance minister said Friday.
"I am chairman of the supervisory board of Russia's second-largest bank [by assets], which has submitted an application to the People's Bank of China [the Central Bank]," Alexei Kudrin said.
He told Chinese media earlier that Vneshtorgbank could open a branch in China in 2008-2009.
The bank has shareholder equity of $5.97 billion and assets of $40.8 billion as of March 31 (an 11.1% increase, year-on year).
