Bank VTB has become the first Russian bank licensed to open a subsidiary in China. The license given by the Banking Regulation Committee of the People’s Republic of China means that the VTB branch has got a right to business operation on the territory of the country.
      
      In the beginning, the branch will perform money transactions in foreign currency only and serve legal entities. It is planned that the bank will manage a full range of banking operations.
      
      VTB received a permission to start the preparation activities in January, 2007.
      
      source:
      Russian Business