Arab Today, arab today sberbank signs 800m worth agreements at spief
Last Updated : GMT 05:39:38
Arab Today, arab today
Arab Today, arab today

Sberbank signs $800m worth agreements at SPIEF

Arab Today, arab today

Arab Today, arab today Sberbank signs $800m worth agreements at SPIEF

St Petersburg - Itar-Tass

Within the framework of the St. Petersburg International Economic Forum (SPIEF), Russia\'s Sberbank has signed agreements worht over $800 million, according to materials of this credit-lending organization. In particular, Sberbank signed an agreement on cooperation and a trade-financing framework agreement with the Overseas Chinese Banking Corporation (OCBC Bank) to the tune of $500 million. The major Russian bank signed an agreement with the European Investment Bank on the financing of Sberbank credts to small and medium-sized businesses. Under the document, Sberbank will be able to attract financing to a sum equivalent to 300 million euros for a term of up to ten years for the purposes of refinancing the portfolio of credits to small and medium businesses within the scope of a special programme. A Memorandum of Understanding has been signed between Sberbank and the leading Middle Eastern banking group Emirates NBD Bank PJSC (Emirates NBD), under which the sides will develop cooperation on debt capital markets in the fields of investment bank activities, bank services to clients, credit lending, trade financing, and correspondent relations. Sberbank signed an agreement with the Japan Bank for International Cooperation (JBIC) and Mizuho Corporate Bank, Ltd. on attraction of credit resources for the purposes of trade financing of a project to build a plant manufacturing high-voltage transfomers in Kolpino District of St Petersburg and establish a joint-venture enterprise of the OAO Silovyye Mashiny (power machines) and Toshiba Corporation. Sberbank and the International Finance Corporation (IFC) signed a Memorandum of Understanding. Sberbank and \"Gazprom Neftekhim Salavat\" (GNS) have concluded an agreement on cooperation in the fields of corporate investment and retail banking. The agreement also provides for the possibility of financing by Sberbank of GNS production modernization invetment programme. Sberbank is the Russian Federation\'s major bank which accounts for about 27 percent of the assets of the Russian banking system. The Central Bank (CB) of the RF is the founder and main stakeholder. The CB\'s share in Sberbank\'s charter capital is 50 percent plus one voting share.

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