Russia, China set up joint investment bank

An agreement is signed during Chinese President Xi Jinping's visit to Russia on May 8.

The Russian Direct Investment Fund (RDIF) and CITIC Merchant, a division of China's CITIC financial group, have agreed to form a Russian-Chinese investment bank, an agreement on which was signed as a part of Chinese President Xi Jinping's visit to Russia on May 8.

The new bank will provide investment banking services to businesses, including consulting in the area of mergers and acquisitions with a focus on attracting Chinese investors in the equity of Russian companies, and raising debt financing, including the organization of loans from Chinese banks and placement of corporate bonds on Asian markets.

 

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