Russian financial institutions are accelerating their physical presence in China, with several major banks opening new branches and representative offices across key cities. This expansion follows the growing demand for financial services driven by surging bilateral trade and investment flows.
Sberbank has recently received regulatory approval to open a full-service branch in Shanghai, complementing its existing representative office in Beijing. The new branch will offer corporate lending, trade finance, treasury operations, and investment banking services to Russian and Chinese clients. Sberbank also plans to open a branch in Guangzhou by early 2027, targeting the vibrant trade hub in southern China.
VTB Bank, which already operates a branch in Shanghai, has announced plans to expand its network to Hong Kong and Shenzhen. The bank reported a 45% increase in transaction volumes with Chinese clients in 2025, driven primarily by commodity trade finance and cross-border settlement services. VTB is also exploring partnerships with Chinese fintech companies to develop digital banking solutions for corporate clients.
Gazprombank has established a representative office in Beijing, focusing on energy sector financing, project finance, and investment advisory. The bank is actively involved in financing pipeline construction, LNG projects, and related infrastructure, leveraging its expertise in Russia’s energy sector.
Chinese banks are reciprocating the expansion. The Industrial and Commercial Bank of China (ICBC) has upgraded its Moscow branch to a regional hub for operations in the CIS. Bank of China has opened a second office in St. Petersburg to serve the growing number of Chinese companies and investors in northwestern Russia. The Agricultural Bank of China has entered into strategic partnerships with Russian agricultural banks to finance joint projects in agro-processing and logistics.
The expansion of banking networks is supported by regulatory cooperation between the two central banks. A memorandum on banking supervision and information sharing was signed in March 2026, enabling coordinated oversight and facilitating cross-border operations. The agreement also simplifies the licensing process for foreign banks entering each other’s markets.
