Sberbank is interested in participating in investment projects in Africa
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Sberbank (MOEX: SBER) is considering participation in investment projects of its corporate clients in Africa, said the first deputy chairman of the bank’s board, Alexander Vedyakhin. However, he noted that there are no specific decisions on African projects yet.
“We are looking at exactly how and how we can help our clients doing business with Africa. We are considering different formats, including participation in investment projects,” said Mr. Vedyakhin on the sidelines of the Russian Energy Week forum (quoted from RIA Novosti).
According to Alexander Vedyakhin, Sberbank already has an understanding of which African countries it should develop cooperation with. “It’s too early to talk about specifics, but we have good experience in the African region as a whole and an understanding of which countries we will focus on working with first,” he said.
In addition, Mr. Vedyakhin noted that the credit institution continues to interact with the local regulator on the issue of opening a branch in China. Abroad, Sberbank now has only one branch – in India. Sberbank announced its intention to open a branch in China in addition to the representative office operating there since 2010 in November 2022.
In early October, as part of restoring the system of international payments disrupted by sanctions, Sberbank agreed on correspondent relations with credit institutions in Latin America. In particular, we are talking about correspondent accounts in yuan in Brazilian banks.
Read more in the Kommersant article. “Correspondence in Yuan”.
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