Hong Kong/London CNN —Battered by Western sanctions, Russia’s largest privately owned bank is expanding its business in the world’s second-largest economy.
That would make the lender the first private Russian bank to open full-service branches in the two major Chinese cities.
The bank is part of Alfa Group, one of Russia’s largest financial and investment conglomerates, which was founded by Fridman.
Alfa Bank made a loss of 117.1 billion rubles ($1.44 billion) in 2022, according to its annual report for that year.
A year later, it seemed to bounce back, reporting profit of 120.9 billion rubles ($1.4 billion) for 2023.
Persons:
Mikhail Fridman, hasn’t, Fridman
Organizations:
London CNN, Alfa Bank, CNN, Alfa Group, European, Moscow, Hong Kong Equity Investment Association
Locations:
China, Hong Kong, London, Russian, Beijing, Shanghai, Ukraine, United States, Russia, Italy, Western