PAO Credit Bank of Moscow signed an agreement with China-based large regional banks for a syndicated loan of up to 2 billion Chinese yuan.

Harbin Bank acted as agency bank, while Huishang Bank acted as leading bank in the deal.

Credit Bank of Moscow is the first privately owned Russian bank to raise a syndicated loan from Chinese financial organizations, with proceeds to be used to finance trade between Russia and China, the lender said in its Jan. 10 filing.

As of Jan. 9, US$1 was equivalent to 6.93 Chinese yuan.