MOSCOW, October 20. /TASS/. The Bank of Russia approved the opening two Alfa Bank branches in China, according to the bank’s CEO Vladimir Verkhoshinsky.

"We are now on the way to opening branches in China - in Shanghai, the business capital, and in Beijing, the political capital. The Bank of Russia has just approved the opening of these two branches," he said, adding that now further actions of the Chinese regulator are expected.

Earlier, the Board of Directors of Alfa Bank decided to open two branches in China, one in Beijing and one in Shanghai. The bank intends to be the first private Russian bank to open full-service branches in two major Chinese cities.

In addition, the bank stated that it considers business development with China to be of strategic importance. Alfa Bank has been the leader in yuan lending since the beginning of 2023, accounting for one-third of all yuan loans in Russia.