Russia’s largest bank, Sberbank, has signed an agreement with Morocco’s leading banks to establish priority areas of co-operation in banking, including trade finance.
Sberbank, which holds almost one third of aggregate Russian banking sector assets, has established the strategic partnership with Attijariwafa Bank Group and Banque Centrale Populaire.
Andrey Ivanov, head of trade finance and correspondence relations division at Sberbank CIB, says: “We are delighted to add to the number of our foreign partners. This is an important step for the Sberbank Group as it continues to build on its international operations. I am certain that our co-operation will open new horizons for both companies. For example, partnership with Morocco’s largest banks will enable Sberbank to create a platform for potential operations in Africa; diversify our funding base, which extends to the Group’s subsidiaries, and broaden our interbank business, in particular trade finance.”
The agreement envisages co-operation between Sberbank and these two major Moroccan banks, including interaction with Sberbank CIB, the corporate and investment banking business of the Sberbank Group. The documents establish priority areas of collaboration in banking, namely: trade finance, the documentary business, correspondent banking, syndications, custody services and financial markets.