17:15, 6 September 2022 Page views 225 views

VTB and Sberbank to launch CNY lending

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According to Sberbank Board Vice-Chairman  Aleksandr Vedyakhin, in addition to yuans, the bank is ready to grant credits in Indian rupees, if there is an interest to this currency as well.
“We are already starting to provide loans in yuans, as we witness a high demand at this point. We are working energetically with the Indian rupee, but so far there is no active demand for loans in the currency. However, if it grows, we are ready to grant them, most certainly,” admitted Vedyakhin.
Apart from providing credits in yuans, Sberbank is planning to raise funds in the PRC national currency: the bank intends to place bonds for about 6 bln rubles in yuans in September 2022, or in winter next year.

In its turn, according to Andrey Kostin, head of VTB, the bank has 11 projects related to credit provision in the currencies of friendly countries. Again, among such currencies yuans are the most preferred choice.
“Yes, without doubt. We are currently considering 11 projects for about 450 bln rubles. The requests are mainly for CNY,” –Kostin answered when asked whether VTB was going to start corporate lending in the currencies of friendly countries.

Due to the sanction restrictions and the termination of business relationships with European and American banks, Russian credit institutions are restructuring the correspondent banking system and are reorienting towards the Asia-Pacific Region (APR).