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Russia Beyond The Headlines

Russia’s Sberbank to launch yuan deposits

December 11, 2015 Marina Karpova, RBTH
The bank will allow customers to open yuan-denominated accounts.
Sberbank, according to its quarterly report, paid the members of its executive board $6.3 million, compared with $5.5 million last year. Source: Reuters
Sberbank has the country’s largest network of offices. Source: Reuters

Sberbank, Russia’s largest bank will launch a pilot retail product in yuan in 2016, Zolotoy Rog, a Vladivostok-based business newspaper reported on Dec. 10.

“We'll initially focus on deposits,” Sberbank Chief Executive German Gref was cited by the paper as telling employees in annual call. “Demand for loans is very small.”

The bank plans to launch the pilot project in its Far East department, since the demand for yuan is higher on account of Sino-Russian border trade. 

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