Rosbank spoke about plans to open a branch in China
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“Regulation of foreign countries involves a multi-stage procedure for opening a branch, however, in the current geopolitical realities this is a popular step that contributes to the development of infrastructure for trade and economic relations between countries,” he said.
Currently only VTB. In total, Russian banks have four branches registered abroad: Sberbank and VTB in India, as well as PSB in Cyprus (in the process of liquidation). A much more common form of expansion has always been bank representative offices, the opening of which requires less effort, regulatory control and money, writes Kommersant. According to the Central Bank as of October 1, 19 such representative offices are now open.
Rosbank is not the only bank that plans to open a branch in China. In particular, in July the chairman of the board of directors Alfa Bank Oleg Sysuev told Vedomosti reports that the company has plans to open a branch or representative office in China. He noted that different projects are being considered, which are very different from each other, and their cost and duration of creation vary. Sysuev cited requests from clients as the reason for creating controlled infrastructure in China. October 20 Central Bank approved opening of two branches in China.
Sberbank also has plans for China. In December last year, the first deputy chairman of Sberbank, Alexander Vedyakhin, said that the bank hopes to open a branch in China at the end of 2023. He added that the Chinese regulator is scrupulous about all documents and usually opening a branch takes 1.5–2 years.
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