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Sberbank, Chinese banks to cooperate in national currency transactions

December 11, 2013, 13:02 UTC+3 11
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MOSCOW, December 11 (Itar-Tass) - Russian Sberbank will cooperate with Chinese banks in transactions in Russia’s and China’s national currencies, according to the agreement between Sberbank and the Bank of Beijing, Harbin Bank and Industrial Bank.

The parties have agreed to interact in trade and export finance and corresponding relations, transactions in global capital markets, and investment banking services to each other’s customers, the bank’s report says.

The bank’s major clients are operating in China, head of Sberbank’s Financial Institutions Division Alexander Dementyev said.

“China is a significant region financially for us,” he said. “Transactions, both passive and active, with our partners, Chinese financial institutions, have already amounted to billions of dollars.

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