Sanctioned Sberbank reports booming trade finance, documentary business for 2014

By Andrei Skvarsky. Sberbank, Russia’s biggest lender, has reported trade finance and documentary business transactions for last year by its parent Moscow-headquartered company.

that were worth more than $36bn and yielded a net operating income that was 45% up on 2013.

Last year’s total trade finance and documentary operations of the entire Sberbank group, including its foreign subsidiaries, swelled to an annual amount of more than $47bn even though Western sanctions heavily restricted the bank’s access to international capital markets, Andrey Ivanov, head of trade finance and correspondence relations at Sberbank CIB, the group’s investment arm, told a briefing in Moscow.

Sberbank CIB continues to boost its cooperation with companies in Western and Eastern Europe, and is building up operations in China, India, South Korea and Singapore, according to Ivanov.

The Sberbank group recorded a growing number of settlements in national currencies such as Chinese yuan, Hong Kong dollars and Russian rubles for 2014.

It is the world’s largest provider of Russian ruble settlement services.

Sberbank’s clientele includes 215 foreign financial institutions, 14 of which are among the world’s 50 largest banks, Ivanov said.

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