Ping An Bank

Beginning of cooperation Last contact Last update
June, 2013 October, 2017 August, 2014

GSL reference about the bank

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This bank is one of the China’s top 20 banks. It opens accounts to offshore companies (which do not do any business in China). An account can be opened in any currency except yuan. It is one of the few Chinese commercial banks licensed to deal with offshores.
It should be noted that the bank officers are not fluent in English. Such level of knowledge of English is likely to be fairly enough to open an account, but should any problems arise, for example, with a particular transfer, this may cause difficulties. The difficulties can, of course, be resolved with the help of an interpreter.     
At the initial stage of account opening we offer assistance through our Hong Kong office.
A year has passed since we first opened an account at this bank and, as expected, the bank’s requirements have changed. Now, to have an offshore account opened, the shareholder, director and signatory all need to be citizens of either China or Hong Kong

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    101 12 12 101 AAA
    Year of foundation 1990
    History It was formed in the early 1990s and acquired the existing name following a number of reorganisations
    Personnel The staff speak English (though not fluently)
    Bank’s shareholders Like with all banks in the People's Republic of China, the government is the major stakeholder. The total worth of assets is more than one trillion yuans
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    0 No restrictions No restrictions
    Transactions permitted per month There are no restrictions as to the number of transfers
    Initial deposit of funds, € There are no requirements as to the initial deposit
    Minimum turnover, €/year There are no requirements as to the minimum turnover

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    N/A N/A N/A N/A N/A
    Account maintenance, €/year Account opening fee is about HKD 5 000 (appr. USD 650)
    Distant access to the account The account is operated via Internet banking. It has a Chinese interface, but our IT specialists can create a Russian or English interface for the Internet banking, which could be run ‘over’ the Chinese software. The access code will be sent to the Chinese mobile
    Financial products The banks services individuals and legal entities (including Chinese companies), governmental structures and international organisations with a seat outside China. No services are provided to representative offices of overseas companies that carry on business in China. The bank offers the following services in the area of offshore banking: foreign-currency accounts; foreign-currency loans; cross-border transfers; interbank loans; bank guarantees; foreign-currency transactions; and consulting

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    14 14 Not necessary Sketchy Current
    Visit to the bank It is mandatory to visit the bank. The director of the company must attend the bank’s interview. The visit of the beneficial owner is unnecessary. A few weeks after the interview a representative of the company (can be an attorney) needs to visit the bank to collect the bank codes
    Required A real phone number (or an address) in China. A standard set of corporate documents. Plus a Certificate of Incumbency if the company is older than 3 months
    Types of accounts Personal; Corporate; Current
    Chances to open an account Predictable
    Business description The company’s business and operations must not be linked to China (no profit from Chinese sources). The account cannot be in national currency (yuan). But other than that, the bank has no requirements
     
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