By Alexander Miller, consultant in emerging markets. Eurasia Business News – November 11, 2022

Sberbank plans to open a branch in China in addition to a representative office. The Russian largest bank is negotiating with the local regulator.

“We are fighting with the People’s Bank of China,” said Alexander Vedyakhin, first deputy chairman of the board of Sberbank, at the Finopolis forum. He answered the question of the first deputy chairman of the Central Bank of the Russian Federation Vladimir Chistyukhin, “why does Sberbank not have a bank in China.”

Alexander Vedyakhin added that, despite this, Sberbank makes payments to China. To make payments in national currencies, it is not necessary to have a representative office abroad, he said.

Sberbank already has a representative office in China. In addition to it, the credit institution expected to open a branch.

Abroad, Sberbank has only one branch – in India.

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In August, Sberbank closed a deal to sell its Swiss subsidiary to the investment group m3 Groupe Holding SA. The Russian state bank also said on November 2 that it sold 43% of Fortenova Group (created on the basis of the Croatian retailer Agrokor) to an investor from the United Arab Emirates (UAE).

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