Bank ZENIT afforded its clients the opportunity to open accounts and deposits and to conduct exchange transactions in Chinese yuan. A pilot project that allows for these transactions was launched in several regions where the Bank has a presence.
The Bank clients are allowed to open term deposits in Chinese yuan for a period from 181 to 731 days. A minimum deposit amount is 650 thousand Chinese yuan (average of 3.3 mn rubles based on the current exchange rate) with an interest varying from 2% to 2.75% per annum depending on an amount and term of a deposit. Accrued interest is paid at the end of a period. The deposit can be renewed at maturity.
Bank ZENIT offers premium bank cards on special terms to the holders of deposit accounts in Chinese yuan opened with the Banka. Visa Gold/MasterCard Gold bank cards are offered at no maintenance fee during the entire term of a deposit; Visa Platinum bank cards are offered with one-year grace period; Visa Infinite bank cards – at 50% of the maintenance fee over the course of the first year.
The Bank’s individual clients are now allowed to make transactions in Chinese yuan in the Bank’s Head Office on Banny pereulok and in the Sadovaya Sloboda Subsidiary Office in the city of Moscow, in the Tatarstan Banking Centre, the city of Kazan, as well as in the Yekaterinburgsky, Kemerovsky, Novosibirsky and Tchelyabinsky branches. The Bank has plans to increase the number of offices, which offer transactions in Chinese yuan to individual clients following the results of this pilot project.
“Bank ZENIT is a most active participant on the market for financing Russo-Chinese foreign trade. Since 2010, the Bank has afforded its clients the opportunity to make transactions in Chinese yuan. Based on a proprietary market research, accounts and deposits in Chinese national currency will be in some demand among retail clients. Among other things, these instruments will allow our clients to manage currency risk,” noted Alexey Rozorenov, Deputy Chairman of the Management Board of Bank ZENIT.
Global Banking & Finance Review
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