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New Silk Road Finance Awards

CEE & Central West Asia: Best Local Bank in the Region for BRI 2020

Credit Bank of Moscow

Credit Bank of Moscow has made progress in the last year when it comes to boosting its focus on China and the Belt and Road Initiative.

The firm, Russia’s second-largest private sector bank by assets, has been a member of the Russian-Chinese Financial Council (RKFS) – a non-profit focused on building relationships between financial institutions in both countries – since 2017. But in May 2019, Credit Bank’s chief executive Vladimir Chubar became deputy chairman of the RKFS, before sealing its first syndicated loan in renminbi, part of an attempt to build trade financing links with China’s regional banks.

That Rmb2 billion ($293 million) loan was raised from mainland banks. Huishang Bank was the lead, while Harbin Bank was the agency bank.

Vladimir Chubar, President, Credit Bank of Moscow.jpg
Vladimir Chubar, Credit Bank of Moscow

Credit Bank followed this up by getting a local rating of AA+ in China in October 2019, making it the first and so far only Russian bank to get a domestic rating in mainland China. This means Credit Bank is now preparing for a possible panda bond sale in onshore China, with the funds earmarked for long-term BRI projects.

The firm has not let the Covid-19 pandemic stop it from building its BRI-related capabilities this year. In May 2020, it signed a renminbi agreement with China Development Bank, which spans trade operations as well as investment in projects along the Silk Road.

Credit Bank has started discussions with the likes of the Asian Infrastructure Investment Bank and Export-Import Bank of China to further support and cooperate over BRI projects and developments. It now boasts 22 correspondent partners in China, as well as locally held renminbi accounts in China and in Moscow.

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