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27 Oct, 2020 12:17

Credit Bank of Moscow wins prestigious Asian financial award

Credit Bank of Moscow wins prestigious Asian financial award

Credit Bank of Moscow was named the best local bank in the Central Eastern and Central West Asia region for the Belt and Road initiative 2020.

The award was issued by AsiaMoney, and the Belt and Road initiative is the global infrastructure development strategy of China.

Credit Bank of Moscow received an AA+ credit rating in China and conducted its first syndication deal in yuan in 2019. Despite the pandemic restrictions and economic decline in 2020, the bank started a long-term cooperation with the China Development Bank. All these achievements were taken into account when awarding the bank.

“Our team set up the target to develop international operations with China as a strategic region about 2 years ago,” said Vadim Timokhin, Head of Asia Business in Credit Bank of Moscow. “Our next step is to be involved in Belt and Road Initiative, financing projects in Russia and CIS, continuing support for transactions in national currencies and becoming one of the leaders in Russia-China relations,” Timokhin stated.

Launched in 1992, Credit Bank of Moscow currently cooperates with more than 20 Asian financial institutions, including Bank of China and China Construction Bank. 

The bank is actively developing trade related products and is already a member of the CIPS system (China Interbank Payments System, a Chinese analogue to SWIFT), which allows yuan transactions.