Sberbank is advancing its initiative to establish a branch in China and is actively engaging with Chinese authorities to advance the plan. This was shared by Alexander Vedyakhin, First Deputy Chairman of Sberbank’s Board, during a briefing on the sidelines of Russian Energy Week.
Vedyakhin noted that the bank is negotiating within the legal framework governing cross-border banking activities and that the process is proceeding in close coordination with Chinese regulators. He emphasized that Sberbank has entered talks with the relevant Chinese regulatory bodies regarding the possible opening of a branch and has discussed obtaining an in-principle approval from China. He also highlighted that a Russian bank can conduct payments to Chinese counterparties even without a formal branch in China, suggesting that lack of a local branch is not a critical obstacle in the current agenda.
Earlier remarks from Anatoly Popov, Deputy Chairman of the Board of Directors of Sberbank of Russia, underscored the bank’s commitment to deepening engagement with Chinese businesses. Popov stated that Sberbank places special emphasis on collaboration with Chinese enterprises operating in Russia and on supporting Russian projects with ties to China, including those run by Chinese investors in the Russian Federation. This reflects a strategic orientation toward facilitating bilateral trade and investment flows between the two economies.
There have also been reports indicating that Sberbank plans to launch a ruble-denominated transfer service to individual clients in China in the near term, a development that could simplify remittances and payments for Russian residents and Chinese residents with Russian connections. The bank’s ongoing dialogue with regulators and its broader outreach to Chinese business circles form a coordinated effort to integrate Sberbank more deeply into the Sino-Russian financial ecosystem. Stakeholders are watching closely how these regulatory conversations will translate into practical access, service offerings, and compliance measures that satisfy both Russian and Chinese authorities. This multi-faceted approach aligns with a broader trend of increased financial collaboration between Russia and China, reinforcing the role of Sberbank as a potential conduit for cross-border banking activity in the region. Analysts and clients alike are awaiting concrete milestones that will demonstrate regulatory readiness, product readiness, and the pace at which customers can benefit from the anticipated services. (Source: Sberbank leadership statements and industry briefings, with ongoing regulatory dialogue reported by insiders and press outlets)