Sberbank CIB1 is pleased to announce that 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 rapidly growing Chinese gold market and to a trading venue with increasing influence in the international market.
Commenting on the news, Andrey Shemetov, Head of Global Markets Department, Managing Director, Sberbank CIB, commented: “For Sberbank CIB to have access to a market as large as the SGE, which is also a venue that plays such a transformational role in the international precious metal markets, is an important landmark in achieving Sberbank’s ambition to continue to grow its ties with the Chinese market. 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 one of the largest operators on the Russian precious metal market; providing a full suite of solutions for corporate clients and financial institutions across the precious metals spectrum and around the world. Commodity trading is one of Sberbank CIB’s strategic pillars and management is committed to making this division a major regional player.
To support these growth plans, Sberbank CIB is establishing a commodity hub in Western Europe to complement and support its existing centre of precious metal trading in Moscow. This hub will have a strong focus on international physical deliveries of metal, financing of physical commodities routes throughout the globe and risk management solutions. This two-hub strategy will offer significant flexibility to Sberbank Group and will allow it to act as a supplier from either location. Sberbank CIB has forecast a supply of 50 to 60 metric tonnes of bullion into the Asia region in 2017.
Andrey Shemetov also said: “Sberbank CIB has strong ambitions to further grow its physical precious metals business in Zurich. For this reason, membership of the SGE is a strategic milestone for the business and a significant step in expanding the scope of our own operations. It will offer us the ability to support our clients in managing their precious metals exposure more proficiently.”
Information for editors:
Sberbank CIB (Sberbank (Switzerland) AG is part of Sberbank CIB) is the corporate and investment banking business of Sberbank. Its key areas of activity are corporate finance (including trade finance), the documentary business2, investment banking services, trade operations with securities, and private equity. Sberbank’s corporate and investment banking business provides integrated financial solutions and investment advisory services to its clients, which include major corporations, financial institutions, sovereign states and federal and sub-federal government bodies and organisations.
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Shanghai Gold Exchange
Today, the SGE is a bustling trading venue that boasts 167 domestic members and 40 international members admitted to trading on the International Board. Nearly 8,000 corporate customers and over seven million individuals trade on the SGE through their carrying members. The SGE has been dedicating itself to serving the real economy and industries ever since its inception, and is tireless in bringing more and better investment opportunities to investors.