MOSCOW, December 6VTB will take further steps to expand its presence in the Chinese market, said the head of the department for the development of international payments – VTB Senior Vice President Olga Basha on the eve of the investment forum “Russia Calling!”
“”We are present in the Chinese market, we have a fairly large client base, and we are developing the Chinese direction, focusing on it. And we will take further steps to expand VTB's presence in the Chinese market,” she said.
According to Bashi, in 2022 and 2023 there will be a multiple increase in settlements in national currencies passing through the VTB infrastructure within foreign branches. Thus, payments in yuan increased “approximately four times.”
She also indicated that the bank does not face the problem of a lack of yuan liquidity.
In early November, Vice President and Director of the Finance Department of Sberbank Taras Skvortsov noted that Sber is not yet actively developing business in foreign currency, including yuan, due to the lack of sufficient volume in the Russian market free liquidity.
VTB is so far the only Russian bank with a financial license to conduct banking operations in China; it has a branch in Shanghai and a representative office in Beijing. Sberbank and Alfa Bank plan to open branches in China.
Forum “Russia is calling!” will take place on December 7-8. is an information partner of the event.