Chinese banks are “running away” from Russia

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Chinese banks are stripping assets of their “daughters” in Russia.

In December 2015 “daughters” of leading Chinese credit institutions “Bank of China”, “China Construction Bank” and “ChinaSelkhozBank” started withdrawing their assets from Russia. This was reported by “Izvestia“.

According to the Russian Central Bank (CBR), the outflow of assets of Bank of China, that specializes in export-import relations between Russia and China, accounted for the largest share in the total outflow volume. In particular, the assets of Bank of China decreased by 31% in December 2015. Currently the Bank of China dropped from 89th to 124th position in the ranking of banks by assets in Russia.

The assets of China Construction Bank decreased by 17.3% in December 2015, resulting in the 398th place in the ranking of Russian banks in terms of assets. The assets of the subsidiary ChinaSelkhozBank decreased by 1.7%.

At the same time, the assets of the bank ICBC China increased by 3.9%, and now it holds the 90th position in the ranking of Russian banks.

According to the director of the analytical department of “Okay Broker” Vladimir Rozhankovskiy, many Chinese banks were involved in “bad quality loans”, and now they are re-evaluating their assets.

Source: segodnya.ua