Swedbank Russia and Allianz Rosno Asset Management, the Russian-based subsidiary of Allianz Group, have signed a partnership agreement which will expand Swedbank’s wealth management offering to Russian clients.

Under the agreement, Swedbank’s clients will be able to buy the investment products of Allianz Rosno Asset Management in the bank’s Moscow-based offices, the firms said in a joint statement. Swedbank’s offices in St Petersburg and Kaliningrad will join the programme later this year.

“I am sure that our combined forces will help to form a well-timed and clearly structured approach to asset management for the bank’s clients using new opportunities on the stock market,” said Igor Ryabov, head of business development at Allianz Rosno Asset Management.

Swedbank established its onshore presence in Russia in March 2005, when it bought Kvest, the Russian commercial bank. By autumn 2005 the subsidiary started working under its new name Hansabank, Swedbank’s former name. At present, the bank is represented in four Russian cities and provides a full range of services including private banking.

“Thanks to partnership with Allianz Rosno Asset Management, Swedbank is able to increase clients’ investment opportunities,” said Aleksey Aksenov, head of retail business at Swedbank in Russia.