OREANDA-NEWS. Sberbank and UAZ LLC entered into a Memorandum of Strategic Cooperation at the St. Petersburg International Economic Forum. On behalf of Sberbank the document was signed by Maxim Poletaev, First Deputy Chairman of the Executive Board, and on behalf of UAZ LLC – by Vadim Shvetsov, Director General.

The Memorandum envisages development of cooperation between Sberbank and Ulyanovsk Automobile Plant (UAZ) in the area of financing investment projects aimed at developing the UAZ product line, and financing of programmes to reconstruct, modernise and reequip existing production facilities of the company in order to increase product efficiency, reliability and safety.

The document also states the parties’ interest in developing cooperation in a number of areas, including increasing the efficiency of cash and settlement services (including through the use of remote banking), provision of comprehensive servicing of foreign economic and trade contracts, development of special offers and conditions for the Bank’s payroll project retail products, rendering of consultancy and information support with regard to using derivatives to hedge financial risks.

The parties noted that the Memorandum will strengthen cooperation between Sberbank and UAZ in a number of key areas and help implement important automotive industry projects in Russia. global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 135 million individual customers and more than 1 million corporate clients in 22 countries. Sberbank has the largest distribution network in Russia with almost 17,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, Turkey and other countries.

Ulyanovsk Automobile Plant is a leading Russian producer of passenger and commercial all-terrain vehicles. The extensive modernisation of the plant, modern approach to organising production, and professional team allows an updated UAZ product line to be developed and produced every year. UAZ is part of the SOLLERS holding, which operates in cooperation with leaders of the global automotive industry: Ford, SsanYong, Mazda. UAZ LLC has an output of 100,000 vehicles per year, which are sold in Russia and exported to more than 20 countries.