Russian Tycoon’s US-Sanctioned Bank Expands Services for Chinese
- Alfa Bank plans to open offices in Beijing and Shanghai
- Lender added Chinese language service for clients from China
The US imposed blocking penalties against Alfa Bank shortly after the war began.
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Russia’s largest private lender, sanctioned by both the US and the European Union, is planning to open new offices in China after it expanded client support services for Chinese businesses.
Alfa Bank PJSC, controlled by sanctioned billionaire Mikhail Fridman and his partners, is applying to Chinese authorities to open branches in Beijing and Shanghai, according to a statement from the bank on Tuesday. It said it’s already providing services to “thousands of Chinese companies” that work with Russia and has launched a website and support for Chinese-speaking clients.