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Russian bank VTB to open China branch

Russian bank VTB to open China branch

Russia's second-largest bank, VTB, said Tuesday it is preparing to open a branch in Shanghai after becoming the first Russian bank approved to do business in China.
The state-owned OAO Bank VTB _ a successor of the Soviet Union's foreign trade bank _ has begun expanding internationally after an initial capital offering that raised some US$8 billion (euro5.4 billion).
The bank already has branches across Europe, Africa and India.