OREANDA-NEWS. On April 27, 2009 in Moscow, State Corporation “Rostechnologii”, Joint-Stock Commercial Bank “Sberbank of the Russian Federation”, JSC VTB Bank and Gazprombank (open joint stock company) signed a Cooperation Memorandum. The document was signed by Sergei Chemezov, General Director of Rostechnologii, German Gref, Sberbank CEO, Andrei Kostin, VTB Bank President and Chairman of the Board, and Andrei Akimov, Gazprombank Chairman of the Board, reported the press-centre of VTB Bank.

The Memorandum is designed to enhance the efforts undertaken by the Corporation and the Banks in promoting the development of hi-tech industries, especially under the current economic turmoil.

The parties identified the following key lines of cooperation:

providing a wide range of banking services to enterprises belonging to the Corporation,
including the restructuring and settling their debts to the Banks; streamlining accounts payable and receivable;

providing advisory services to the Corporation and its enterprises as to the management of, control over, monitoring, disposing of, and enhancing the quality of the assets owned by the Banks; as well as advising on settling overdue payments by borrowers from among the Corporation’s enterprises toward the Banks;

setting credit risk limits to the Corporation and its enterprises allowing them to apply for a wide range of lending products in order to facilitate prompt decision-making; and

elaborating a concept aimed at establishing a Treasury at the Corporation.

Addressing the ceremony, Sergei Chemezov said: “We expect the Banks to help us, primarily in streamlining our accounts payable and receivable, as well as in structuring and settling payments to the Banks. In its turn, the Corporation is ready to provide the Banks with advisory services in managing and enhancing the quality of their assets in those industries which are within the competence of our enterprises”.