Gazprom looks at possible cooperation with major Chinese bank ICBC
RELEASE
Release
The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Company’s Management Committee and Jiang Jianqing, Chairman of the Board of Directors, Executive Director of Industrial and Commercial Bank of China Limited (ICBC).
The parties addressed the outlooks for cooperation between Gazprom and ICBC, including the arrangement of trade and corporate financing, issue of Gazprom’s bonds in offshore RMB as well as introduction of the ‘RUB – RMB’ payment system.
Background
Industrial and Commercial Bank of China Limited (ICBC) is one of China’s Big Four state-owned commercial banks as well as one of the world’s largest banks in terms of basic indicators, particularly, profit, market capitalization, customer deposits and assets.
In late October 2006 the bank completed at that time the world’s largest IPO and attracted a record-breaking amount of USD 22 billion. The bank comprises over 17.2 thousand representative offices and branches in China and 40 countries across the globe and services over five million corporate and 449 million individual customers.