UPDATE: Shanghai Gold Exchange certifies Russia’s Otkritie FC Bank

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MOSCOW, Dec 7 (PRIME) -- Russia’s Otkritie Financial Corporation (FC) Bank has become a certified participant of the Shanghai Gold Exchange International (SGEI) and received the right to participate in the Shanghai free-trade zone, the bank said in a statement Monday.

“The approval will allow the bank to carry out operations at the Chinese market, which is the largest producer and consumer of the precious metal…and to provide the most attractive conditions for purchases of gold bars in Russia,” the bank said.

Yelena Magera, the bank’s vice president, told PRIME Otkritie FC Bank plans to start trading gold at the SGEI in 2016 and sell about 5 tonnes of gold per year. The Shanghai Gold Exchange plans to become the world’s center of gold trade by volume, as Asia accounts for the bulk of the world’s demand for gold, she said.

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