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China CITIC Bank Corporation Limited and Astana International Financial Centre signed a Memorandum for Strategic Cooperation
On behalf of China CITIC Bank Corporation Limited (hereinafter referred to as CITIC Bank), the document have been signed by Ms. Qingping Li, the Chairman, Board of Directors, on behalf of Astana International Financial Centre (hereinafter referred to as AIFC) - by Kairat Kelimbetov, the Managing Director.
Within the framework of the Memorandum signed, the parties plan to jointly develop new business trends and products related to the Chinese yuan renminbi, including settlement and swap transactions and bond issues. Altyn Bank JSC, the Subsidiary Bank of CITIC Bank in Kazakhstan, provides for settlement services in Chinese yuan renminbi for AIFC residents. In addition, Altyn Bank is ready to provide services as a settlement bank and a custodian for the Astana International Exchange (AIX).
It should be noted that CITIC Bank, being an experienced and active direct participant of the Cross-Border Interbank Payment System (CIPS), is ready to provide indirect participation in this system for those banks registered with the AIFC to accelerate and simplify payments in Chinese yuan renminbi. Altyn Bank has already applied for indirect participation in the CIPS system and will provide the corresponding service at the AIFC platform. In addition, Altyn Bank would consider the possibility of opening a branch on the AIFC territory for servicing AIFC resident companies.
The parties have also agreed to cooperate in organizing special events for investors and securities issuers with a view to bring China and AIFC financial markets closer together, share experience and best practices in financial services, improve financial literacy, incl. organizing seminars for students and entrepreneurs.
CITIC (China International Trust and Investment Corporation) is one of the largest national investment corporations in China. CITIC’s main objective is to attract and use foreign capital, introduce advanced technologies and use the best international practices in its operations and management. CITIC Group has 44 subsidiaries, including CITIC Bank. CITIC Bank was established in 1987. CITIC Bank offers various banking products and services to large corporate clients and individuals in China, Hong Kong and other countries.
Altyn Bank JSC (Subsidiary Bank of China CITIC Bank Corporation Limited), previously known as SB JSC HSBC Bank Kazakhstan, has been in financial market of Kazakhstan for20 years. The Bank ranks 14th in terms of assets among commercial banks and has the highest ratings (Fitch - "BBB-", Moody's - "Ba2"). Altyn Bank JSC has launched the first full-scale digital bank Altyn-i in Kazakhstan with a full range of financial services for individuals. Altyn Bank JSC is a universal commercial bank and it serves corporate and retail clients. The bank has four branches in Almaty, Astana, Atyrau and Aktau and two additional branches in Almaty.
For further comments, please contact:
Altyn Bank JSC (Subsidiary bank of China CITIC Bank Corporation Limited)
Head Of Marketing Department
Tel. +7 (727) 356 62 73, (ext. 11 120)