.
.
.
8th Largest Bank in World Opening Operations in Russia. It's Chinese.
We told you this sanction thing wasn't going to work...
By Russia Insider
Silly Europeans ...
.
The Russian newspaper Kommersant reported yesterday that the Agricultural Bank of China is starting operations in Russia.
.
This is a big deal, because this bank is huge, the eighth largest in the world.
.
It's a sign of how quickly China will be able to fill the financing vacuum left by sanction, and an example of European companies losing markets to Chinese competitors.
.
It is also a sign that China is seriously interested in investing in Russia's enormous unrealized agriculture potential. China, a net food importer, has been scooping up agricultural deals around the world, competing for scarce crop lands.
.
Expect to see increased Chinese investment in Russian agriculture.
.
This is a big deal, because this bank is huge, the eighth largest in the world.
.
It's a sign of how quickly China will be able to fill the financing vacuum left by sanction, and an example of European companies losing markets to Chinese competitors.
.
It is also a sign that China is seriously interested in investing in Russia's enormous unrealized agriculture potential. China, a net food importer, has been scooping up agricultural deals around the world, competing for scarce crop lands.
.
Expect to see increased Chinese investment in Russian agriculture.
____________________________________
From Wikipedia:
Agricultural Bank of China Limited (ABC, simplified Chinese: 中国农业银行; traditional Chinese: 中國農業銀行; pinyin: Zhōngguó Nóngyè Yínháng), also known as AgBank or 农行 Nóngháng, is one of the "Big Four" banks in the People's Republic of China. It was founded in 1951, and has its headquarters in Dongcheng District, Beijing.[2] It has branches throughout mainland China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore.
.
ABC has 320 million retail customers, 2.7 million corporate clients, and nearly 24,000 branches. It is China's third largest lender by assets. ABC went public in mid-2010, fetching the world's biggest ever initial public offering (IPO).[3] As of 2011, it ranks 8th among the Top 1000 World Banks,[4] meanwhile Forbes Global 2000 named it the 25th-largest public company in the world.[5][6] In 2014, it ranks 3rd in Forbes’ 11th annual Global 2000 ranking of the biggest, most powerful and most valuable companies in the world.
