Sberbank signs millions in contracts with foreign banks

During the 17th St. Petersburg International Economic Forum (SPIEF), Sberbank – Russia’s largest bank – signed more than $800-million worth of agreements on cooperation and financing with major international organizations.

During the 17thSt. Petersburg International Economic Forum (SPIEF),

Sberbank – Russia’s largest bank – signed more than $800-million worth of agreements on cooperation and financing with major international organizations.

Sberbank signed an agreement with Mizuho Corporate Bank, Ltd. and the Japan Bank for International Cooperation, in order to raise credit for trade financing of a project that involves building a plant to manufacture high-voltage transformers in Kolpino District, St. Petersburg. The Kolpino plant will become a joint-venture between Silovye Mashiny OAO and Toshiba Corporation.

Sberbank also signed a deal with the European Investment Bank, enabling the largest Russian lender to borrow an equivalent of up to €300 million ($395 million) for up to 10 years, for the support of small and medium-sized businesses. The money will be used to refinance the SME loan portfolio as part of a special lending program.

At the SPIEF, Sberbank also signed a memorandum of understanding with Emirates NBD Bank – a leading Middle Eastern banking group – with the aim of promoting collaboration in debt markets, investment and banking business, bank services to customers, lending, etc.

Other documents signed at the SPIEF include an agreement on cooperation and a framework trade finance agreement with OCBC Bank, which is the second-largest financial group in Southeast Asia in terms of assets. The agreement envisions a $500-million deal.

Sberbank of Russia is Russia’s largest bank, accounting for about 27 percent of combined assets of the Russian banking system. The Central Bank of Russia is the founder and majority shareholder in Sberbank, with a 50 percent plus one voting share.

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