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BOC and Sberbank to tap openings
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The Bank of China signed an agreement to further cooperate with Sberbank of Russia yesterday to tap buoyant bilateral trade and investment opportunities.
The two banks offer various services like US dollar clearing, yuan settlement, syndication loan and project investment, said Si Xinchun, vice general manager of financial institutions department at BOC’s head office.
“The cooperation between the two banks will create favorable conditions for the economic development of China and Russia,” the Shanghai branch of the Department of Trade Representation of the Russian Federation in China said yesterday.
Bilateral trade has increased 10 times in the past decade to US$89.3 billion in 2013. China has been Russia’s biggest trade partner for four straight years.
The two banks have forged a partnership since 1992, and Si said the state-run Sberbank, the biggest commercial bank in Russia, is one of BOC’s most important strategic partners in that country.
China’s direct investment in Russia quintupled to US$4 billion in 2013 from a year earlier, BOC said.
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