Founded in 1994, the Export-Import Bank of China is a state bank solely owned by the Chinese government and under the direct leadership of the State Council. Its international credit ratings are the same as China's sovereign ratings. The Bank is headquartered in Beijing. It has more than 20 business branches inside China, one branch and two representative offices outside China, namely the Paris Branch, the Representative Office for Southern and Eastern Africa and St. Petersburg Representative Office. It has established correspondent banking relationship with more than 1,000 banks.