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Sberbank CIB plans to place bonds in yuan in 2017 for clients

September 01, 9:29 UTC+3 VLADIVOSTOK
Sberbank CIB plans to place bonds in yuan and is currently in talks with several interested companies, according to the bank’s senior Vice President bank Igor Bulantsev
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©  Donat Sorokin/TASS

VLADIVOSTOK, September 1. /TASS/. The corporate and investment banking business of Russia’s largest savings bank, Sberbank, plans to place bonds in yuan in 2017 for clients and is currently in talks with several interested companies, the bank’s senior Vice President bank Igor Bulantsev told reporters.

"I think it will not happen this autumn. But next year it is very likely that the bank will start supporting corporate clients to place bonds in yuan. On the one hand we see a growing interest in the financing in RMB, but on the other hand it is a complex instrument," he said.

According to Bulantsev, Sberbank CIB is in preliminary talks with several interested companies.

Sberbank’s top manager also said that Sberbank CIB plans to participate as the organiser of such transactions for other companies.

Earlier TASS reported that Sberbank is developing cooperation with a number of Chinese banks, and will consider diversification of sources of liabilities in RMB, in particular for granting loans in RMB to Russian corporate borrowers.

In 2016, the bank launched pilot retail products in RMB, which are being tested in the Far East region.

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