Sberbank to supply 5-6 tns of gold to China, 20–25 tns to India ‘17

MOSCOW, Jul 13 (PRIME) -- Russia’s top bank Sberbank has launched trading in physical gold at the Shanghai Gold Exchange (SGE) and plans to export 5–6 tonnes of gold to China this year, , the bank said in a statement on Thursday.

Sberbank (Switzerland) AG struck a pilot deal at the SGE selling 200 kilograms of gold bars to local banks in July. “In 2017, the bank plans to supply 5–6 tonnes of the precious metal to China. The gold will be delivered directly to Chinese importers as well as through the SGE. Sberbank (Switzerland) AG acquired the status of an international member of the SGE in September 2016,” the bank said.

The bank also quoted Vice President Andrei Shemetov as saying that Sberbank launched trading in physical precious metals in India in February, and plans to export 20–25 tonnes of gold this year to 20 floors in the country.

“Markets of China and India are of great importance to increase of the scale of our trade operations,” Shemetov said.

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