Trade and Development Bank of Mongolia (TDB) has established USD and Ruble correspondent accounts with one of Russia's largest commercial banks, Sberbank, at its Baikalsky Branch, by signing an agreement. The establishment of these accounts significantly enhances TDB’s ability to process international transactions for its customers dealing with Russia, ensuring faster, more efficient, and cost-effective payment services.
Founded in 1841, Sberbank boasts a rich history and is the most extensive banking network in Russia, operating 17 regional central banks and over 20,000 branches and service centers across the country. Sberbank is a market leader in Russia's banking system, holding one-fourth of the country’s total banking assets and 30% of its equity. As of the first half of 2009, the bank accounted for 50.5% of the national savings market and 30% of the credit market, with total assets amounting to approximately $230 billion.
This collaboration strengthens TDB’s international payment capabilities and further supports its customers in their business operations with Russia.