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Sber in talks on opening branch in China with country’s regulator

It is noted that it is not necessary to have an office in the country where payments are made, "otherwise bank offices would be opened in each country where payments are made, which doesn't make any sense"

MOSCOW, November 11. /TASS/. Sber is discussing opening up a Chinese branch office with the People's Bank of China, First Deputy Chairman of the Russian lender’s board Alexander Vedyakhin said at the Finopolis forum on Friday.

When asked by First Deputy Governor of the Bank of Russia Vladimir Chistyukhin why there is no Sber branch office in China, Vedyakhin said: "We are grappling with the People’s Bank of China. ‘We’ means Sber. You are also struggling, you did promise me."

Meanwhile, Sberbank’s official noted that it is not necessary to have an office in the country where payments are made, "otherwise bank offices would be opened in each country where payments are made, which doesn't make any sense." He added that Sber makes payments to China.

Sberbank currently has a representative office in China. Earlier, Vedyakhin said Sber had planned to open a branch office, not a representative office, in the country.

The Finopolis forum held by the Bank of Russia in partnership with IT and financial market leaders, is taking place from November 10 to 11. The forum is Russia’s largest platform for the discussion and analysis of trends and opportunities for the use of modern digital technologies in the financial sector.

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