A spokeswoman for Deutsche Bank confirmed that Germany’s leading bank and Russia’s Sberbank Rossia recently agreed upon close cooperation, reports iStockAnalyst.
“A memorandum of understanding was signed some weeks ago already,” a Deutsche Bank spokesman said.
On 7 June, Herman Gref, chief executive, Sberbank and Caio Koch-Weser, vice chairman, Deutsche Bank signed a Memorandum of Understanding to strengthen bilateral cooperation and widen the range of banking services offered to Russian customers, she said.
The spokeswoman said the news had already been made public some days ago.
Weekly magazine Der Spiegel reported Sunday that Deutsche Bank will distribute its products over the more than 2,000 branches of Sberbank and help Sberbank’s business customers with its know-how in international investment banking.