Sberbank Signs USD 250 mn Trade Finance Facility with OCBC Bank
OREANDA-NEWS. December 28, 2010. 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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