The process of opening a branch of a foreign bank in China takes from two to five years, said Alexander Vedyakhin, First Deputy Chairman of the Board of Sberbank, on the eve of SPIEF.
Last year, Sberbank announced its intention to open a branch in China. Vedyakhin told RIA Novosti that the process is proceeding according to established regulations and in accordance with the schedule, with active cooperation with the National Financial Regulatory Administration of the People's Republic of China.
Opening a branch in China takes from two to three years, and sometimes up to five, Vedyakhin emphasized.
At the moment, the only Russian bank with a license to conduct banking operations in China is VTB, which has a branch in Shanghai and a representative office in Beijing. In addition to Sberbank, Alfa Bank is also planning to open a branch in China.
Earlier it became known that the largest banks of the Russian Federation are going to unite the database of customer accounts, as well as the analyst pointed out the reasons for the “recovery of strength” in the dollar and the euro.