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MDM Bank Opens Representative Office in China

21.05.2010

Yesterday, a ceremony took place for the opening of MDM Banks representative office in Beijing. Over 170 guests gathered at an evening reception at the Embassy of the Russian Federation, including friends and partners of MDM Bank from Chinese, Russian and foreign banks, as well as representatives of businesses from both countries.

On behalf of the Russian Embassy, a welcoming speech was given by Consul Ambassador Evgeny Tomikhin. The MDM Bank delegation was headed by the Deputy CEO, Vadim Sorokin.
The decision to open the representative office was a logical step in MDMs successfully developing co-operation with Chinese financial institutions. The application to open a representative office had been approved by the China Banking Regulatory Commission after detailed consideration.

By opening a representative office in Beijing, MDM Bank gains the opportunity to offer exclusive products and quality services to its clients, as well as to help stimulate interbank and financial co-operation in the region.
The representative office will be tasked with further developing relations with clients who are increasingly involved in trade and investment projects with China, primarily with regards to client needs for account settlement operations and lending. The agreements between MDM Bank and Chinese financial institutions allow for the provision of trade and project financing services, as well as dollar and Yuan account settlements. MDM Bank is also prepared to render versatile consulting services on co-operation with China.

Another important task of the representative office is the development and study of the local financial market. The representative office serves as a link between MDM Bank and Chinese investors and bankers. The development dynamics of the Chinese economy and financial sector testifies to the prospects of this project.


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