OREANDA-NEWS. June 21, 2011. On the second day of the St. Petersburg International Economic Forum, Russia’s largest shipping company and the leading Russian bank OAO Sberbank signed a cooperation agreement. The document was signed by SCF’s President and CEO Sergey Frank and by the CEO and Chairman of Sberbank’s Management Board, Herman Gref.

The agreement envisages the main directions and forms of cooperation of the parties in the field of financing investment projects, acquiring ships and fleet leasing. The document also deals with the exchange of information, consultative services and educational projects in the sphere of ship finance for Serbank’s specialists.
 SCF Group continues to successfully cooperate with Russia’s leading banks, first and foremost in arranging financial support for major shipbuilding projects.

“We are glad to develop mutually beneficial cooperation with Russia’s major financial institution – Sberbank of Russia. The signed agreement determines the main directions and areas of the parties’ interaction. First of all, the emphasis is put on financing projects in shipping and on credit for shipbuilding contracts, including those signed with Russian shipyards, as well as on the related exchange of information about market developments and consultative services. We hope that cooperation in this area will allow Sberbank to diversify its range of services, and SCF will get a new reliable source of financing for long-term industrial projects of national and international importance”, said SCF President and CEO Sergey Frank.

CEO and Chairman of Sberbank’s Management Board, Herman Gref noted: “Cooperation between Sberbank and SCF Group will give a great impulse to the development of ship finance in Russia and the CIS countries, it will also allow Sberbank to increase its competence in arranging financial deals with shipping companies. The agreement improves the investment climate in merchant shipbuilding.”