06:42 GMT +326 June 2019
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    An office worker leaves the Industrial and Commercial Bank of China (ICBC)

    China’s Industrial Commercial Bank Seeks to Help Russia Issue Eurobonds

    © AFP 2019 / LAURENT FIEVET
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    The bond sale will allow Russian companies to attract more investment, according to the vice president of ICBC Moscow.

    MOSCOW (Sputnik) — China’s Industrial and Commercial Bank (ICBC) wants to help Russia issue Eurobonds, to be listed on Russian and Chinese financial markets, the vice president of ICBC Moscow said Tuesday.

    "We took part in the bidding contest to issue Russian Eurobonds, and we have filed a request to the [Russian] Finance Ministry," Weijie Lang told reporters at a Russia-China economic conference.

    The bond sale will allow Russian companies to attract more investment, the banker said. The Bank of Russia, the country’s central bank, is directing the sale.

    ICBC, the world’s largest lender by total assets, is also preparing for more national currency swaps with Russia.

    "There are almost all the technical preconditions [needed] for that. We hope we’ll be able to offer our services to our partners in the Russian market," the vice president said.

    In December 2015, ICBC Moscow President Song Yang said that the bank was ready to open a clearing bank in Russia for trade settlements in yuan and rubles. This would allow the Russian market to tap into an alternative source of liquid funds and issue yuan bonds.

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    Eurobonds, Industrial and Commercial Bank of China (ICBC), Weijie Lang, China, Russia
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