Sberbank signs a USD 250,000,000 trade finance facility with Oversea-Chinese Banking Corporation Limited
24 December 2010, Moscow – Sberbank (RTS: SBER, MICEX: SBER03) and OCBC Bank, Singapore have signed USD 250,000,000 one-year Trade-Related Facility Agreement.
Andrey Donskikh, Deputy Chairman of the Board, Sberbank, said: "This facility is one of the largest direct bilateral unsecured loans granted to Russian banks by Asian financial institutions. We believe that this transaction opens a new post-crisis stage in our relations with foreign counterparties. This significant transaction is an important step towards strengthening relations between Sberbank and OCBC Bank – one of Asia’s leading financial institutions. Asian markets are booming and trade volumes between Russian and Asian corporates are growing steadily therefore we anticipate further development of cooperation with OCBC to effectively support trade operations of our clients."
Samuel Tsien, Global Head, Global Corporate Bank, OCBC Bank said: "We are delighted to have concluded this significant trade finance transaction with Sberbank. Trade Finance is one of the anchor products of our Global Financial Institutions group, and we believe our co-operation with Sberbank will lead to further opportunities for us to support and finance the increasing trade-flows between Asia and Russia."
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Sberbank of Russia
Phone: +7(495) 957 5721
Sberbank of Russia (Sberbank) is the largest Bank in Russia, Central and Eastern Europe, with approximately 30% of the total assets of the Russian banking system and around 240,000 employees. The Central Bank of the Russian Federation is the founder and the majority shareholder of Sberbank (over 60% of the voting shares), with the rest of the shares dispersed among more than 260,000 individuals and legal entities. The Bank has the most widespread branch network in Russia: 18 Regional Head Offices, over 20,000 branches and banking outlets, as well as subsidiaries in Kazakhstan, Ukraine and Belarus.
Sberbank holds the General License No. 1481, issued by the Central Bank of the Russian Federation.
Corporate website: www.sberbank.ru