BRIEF-Russia's Sberbank CIB becomes member of Shanghai Gold Exchange

HomeBRIEF-Russia's Sberbank CIB becomes member of Shanghai Gold Exchange

BRIEF-Russia's Sberbank CIB becomes member of Shanghai Gold Exchange

27.09.2016

Sberbank CIB, the corporate and investment banking business of Russia's largest lender Sberbank , said on Tuesday:

  • Sberbank (Switzerland) AG has been granted international membership of the Shanghai Gold Exchange (SGE), a global centre for the physical trade of gold, silver and other precious metals;
  • The membership gives Sberbank CIB direct access to the Chinese gold market;
  • Sberbank CIB expects to supply between 50 and 60 tonnes of bullion into the Asia region in 2017;
  • Andrey Shemetov, Sberbank CIB head of global markets department, commented: "The membership will open the opportunity for us to participate in a greater capacity as a supplier to the world's largest consumer of gold."
  • Sberbank CIB is establishing a commodity hub in Western Europe to support its existing centre of precious metal trading in Moscow. Further company coverage: (Reporting by Moscow Newsroom)

Reuters