Sberbank, Russia’s largest bank, has entered into a cooperation agreement with Morocco’s Attijariwafa Bank Group and Banque Centrale Populaire (BCP).
At the signing ceremony Sberbank was represented by Andrey Ivanov, head of trade finance and correspondence relations division. Attijariwafa and BCP were represented by chairman and chief executive (CEO) Mohamed Elkettani and group chairman Mohamed Benchaaboun.
The agreement envisages cooperation between Sberbank and the Moroccan banks, including interaction with Sberbank CIB, the Russian bank’s corporate and investment banking business. The documents establish priority areas of cooperation in banking; these being trade finance, the documentary business, correspondent banking, syndications, custody services and financial markets.
“We are delighted to add to the number of our foreign partners,” said Ivanov. “This is an important step for the Sberbank Group as it continues to build on its international operations.
“I am certain that our cooperation will open new horizons for both companies. For example, partnership with Morocco’s largest banks will enable Sberbank to create a platform for potential operations in Africa; diversify our funding base, which extends to the group’s subsidiaries, and broaden our interbank business, in particular trade finance.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.