CCB invests $100m in VTB Bank's new shares on offer

China Construction Bank Corp, the world's second-largest lender by market value, said on Thursday that it invested $100 million in Russian lender JSC VTB Bank's new shares on offer.

The Chinese bank's investment is a further step to expand its business in Russia after it set up a subsidiary in Moscow in March.

It's also the second overseas expansion move in May for the Beijing-headquartered lender. On May 13, the bank said it had set up a subsidiary in Dubai, its first project in the Middle East.