Beijing (Reuters) – CEFC China Energy, a privately-owned conglomerate which is buying a stake in Russian state oil firm Rosneft, plans to launch its own bank early next year in a latest step to build financial muscle along with its oil and gas assets, two company executives said.
But the Shanghai-based company’s rapid ascent has prompted some international bankers and traders to warn about its lack of transparency, and dealings with sanctioned Russian firms.
A CEFC-controlled bank is expected to win Chinese regulatory approval early next year, with a registered capital of RMB5 billion (US$755 million), the executives said, making CEFC one of the few energy companies anywhere to run a private commercial bank.
The executives declined to be named due to company policy.
A spokesperson for CEFC said he couldn’t immediately comment.
