By Andrei Skvarsky.
Russia’s biggest lender Sberbank and Agricultural Bank of China (AgBank), one of the Asian country’s four largest state-owned commercial banks, have signed a memorandum of understanding pledging cooperation in a wide range of activities.
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Trade financing and ruble and yuan settlements are some of the business lines covered by the memorandum, signed by Sberbank chief executive Herman Gref and AgBank president Zhang Yun, Sberbank said in a statement.
Sberbank provides services for more than 100m retail and about 1m corporate customers, and holds almost one-third of aggregate Russian banking sector assets. It has the largest distribution network in Russia with more than 18,000 offices as well as subsidiaries in 20 countries including CIS, Central and Eastern European nations and Turkey.
Sberbank has also been intensively building out investment business after acquiring Moscow brokerage Troika Dialog in a process completed a year ago.
AgBank, founded by Mao Zedong in 1951 and headquartered in Beijing, offers a large variety of retail and corporate services and had 23,500 domestic branch outlets as of the end of 2012.
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