Sberbank has signed co-operation agreements with three Chinese banks.
The agreements were signed with the Bank of Beijing, Bank of Harbin and Industrial Bank and will see them collaborate with Sberbank on trade finance, documentary business, correspondent relationship, settling in roubles and renminbi, capital markets and investment banking services.
The understanding was agreed on a recent Sberbank delegation to Beijing. The bank has revealed that it is in talks with the Bank of China, the Industrial and Commercial Bank of China, the Agricultural Bank of China and China Construction Bank about additional agreements.
Sberbank’s head of financial institutions says: “We have been present in China since 2010 when we opened our office in Beijing. This country is Russia’s main trading partner, our largest customers operate here and therefore we consider China the most important financial region for us. Now the turnover of our operations – both passive and active – with partner financial institutions in China is calculated in billions of dollars. And we will grow it in all directions and through all different products both with our established partners and new partners.”