Sberbank gets international membership at Shanghai Gold Exchange

Sberbank (Switzerland) AG has become an international member of the Shanghai Gold Exchange (SGE), Sberbank CIB, the corporate and investment banking business of Sberbank, said on Tuesday.

The membership will open the opportunity for the company to participate in a greater capacity as a supplier to the world’s largest consumer of gold, Andrey Shemetov, managing director and head of global markets department at Sberbank CIB, said.

“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,” he 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,” he added.

Some 50-60 tonnes of bullion are expected to be supplied into the Asian region in 2017, Sberbank CIB forecast.

Commodity trading is one of Sberbank CIB’s strategic pillars and management is committed to making this division a major regional player, it said in the statement, adding that Sberbank CIB is one of the largest operators in the Russian precious metals market.

Since its inception in September 2014, the SGE has gained 66 international members as at the end of August, of which 53 have started trading and 15-20 are active members, SGE chairman Jiao Jinpu, said in a recent industry conference.

(Editing by Mark Shaw)

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