OREANDA-NEWS. November 21, 2011. Chairman of the Board and CEO of Sberbank of Russia Herman Gref and Chief Executive Officer of DZ BANK AG, Germany Wolfgang Kirsch have signed two agreements aimed at developing the co-operation between two leading banks in Russia and Germany, reported the press-centre of Sberbank.

The Credit Line Agreement for long-term financing with Export Credit Agencies cover in the amount of EUR 300 000 000 provides financing of capital goods and services under import contracts between clients of Sberbank and European producers.

The parties have also signed the Agreement for financial markets operations.

At the signing ceremony Herman Gref, the Chairman of the Board and CEO of Sberbank, said: "We highly appreciate the interest of our partner DZ BANK AG in comprehensive cooperation development between our institutions. Sberbank is actively evolving its business-line related to long term financing of its Client's investment projects by attracting funds from international markets. The conclusion of the Credit Loan Agreement is a significant step in this direction, especially in the view of growing demand for financing of investment programs and deficiency of inexpensive long term funding on the Russian market. We also foresee a positive effect of this agreement for further development of international trade between Russia and Germany and other OECD countries".

Wolfgang Kirsch, the CEO of DZ BANK, said: "Sberbank of Russia and DZ BANK AG share a long-term and trusting business relationship. We highly esteem Sberbank as an experienced and reliable partner in Russia. Signing of these agreements is an important step for further growth of cooperation between our banks that will expand the German-Russian trade and economic relations. Thus Sberbank of Russia and DZ BANK AG provide the foundation for further modernization of the Russian economy to which the equipment, machinery and technology from Germany make the important contribution. Our co-operation will benefit the long-term economic development in Russia and Germany".