Sberbank was withdrawn from the Swift international payments system as part of sanctions for the war in Ukraine. Currently, it only has one branch abroad, in India.
Sberbank, Russia’s largest state-controlled bank, hopes to open a branch in China before the end of 2023, Russian Vice President Alexandr Vedyajin announced on Monday at a press conference.
“I hope that by the end of 2023 we will be able to open a branch in China, this process usually takes between one and a half to two years. We hope that by the end of 2023 we will have a branch in that country”, said Vedyajin, quoted by the Interfax agency.
Alexandr Vedyajin said that Sberbank maintains “active communications” with the Chinese regulator, to which a lot of documentation has been handed over.
“The Chinese regulator scrupulously reviews all documents and requests large amounts” of documents, he added.
Sberbank has been removed from the Swift international payments system by the European Union as part of sanctions for Russia’s war in Ukraine. Currently, it only has one branch abroad, in India.
