BTA Bank opened yuan account in the Industrial and Commercial Bank of China

BTA Bank opened a yuan account in the Industrial and Commercial Bank of China, Tengrinews.kz reports citing BTA Bank’s press-service. “BTA Bank and the Industrial and Commercial Bank of China (ICBC), the world’s biggest bank by assets, agreed to open a correspondent account of BTA Bank in the bank’s subsidiary, ICBC Almaty. The contract signing ceremony was held on June 18 in Almaty. The document was signed by deputy chairman of BTA Bank Askhat Beissenbayev and Chairman of the Management Board of Industrial and Commercial Bank of China in Almaty Chen Yubao. According to the bank’s press-service, the correspondent account in Chinese yuan and US dollars will make Kazakhstan entrepreneurs’ work with Chinese partners easier and thus, will boost the commodities turnover between the two countries. “Starting from today, Kazakhstan businessmen who are BTA Bank's clients can sign contracts and perform transaction in neighboring China in its national currency, yuan. It is very important that our partner, the Industrial and Commercial Bank of China, has a wide network of branches throughout China. This gives our clients a significant advantage in foreign economic activities in Chinese direction. Regular customers of our bank are aware that BTA always strives to offer the most profitable and comfortable terms of service. Today's signing of the contract is a confirmation of this intention,” Askhat Beissenbayev said at the signing ceremony. Chairman of the Board of Directors of ICBC Almaty Zhang Chunlei declared that ICBC highly valued the partnership with BTA Bank and was happy to offer new opportunities to Kazakhstan business. “Our goal in Kazakhstan is to enhance trade relations of both countries, increase the economic potential of our countries through successful and mutually beneficial cooperation,” Zhang Chunlei said. “Signing of this agreements is an important event not only for two of our banks, but also for all participants of the foreign economic activities in our countries. Development of the partnership relations between Kazakhstan and Chinese entrepreneurs will boost production of commodities and services on both sides of the border and will serve for the benefit of our people.”