MDM Bank, the Russian-based company which counts private wealth management among its services, has opened a representative office in China.

The decision to open the representative office in Beijing is a logical step in the development of bank’s relationships with Chinese financial institutions, the firm said in a statement.

By having opened the office, MDM Bank is able to offer its clients an extended range of products and services as well as to stimulate inter-banking and financial co-operation in the region, the statement continued.

The main task for the newly-opened representative office is to continue developing relationship with clients that are more involved in trading and investment projects with China. The bank is also ready to offer a range of advisory services to its partners that are working in association with the country. The office will also explore the local market.

In other recent developments, earlier this month the bank appointed Vadim Sorokin as its new financial director. Sorokin succeeded Vladislav Hohlov, who left the post in order to pursue business education abroad.