Sberbank, HSBC Bank Signed Framework Loan Agreement
OREANDA-NEWS. June 28, 2012. On the occasion of XVI Saint Petersburg International Economic Forum Sberbank of Russia and HSBC Bank PLC have signed a Framework Loan Agreement for USD 2,000,000,000 for providing Sberbank of Russia with a short, medium and long term trade finance advances including the advances to be covered by Export Credit Agencies. The first deal under the Framework Agreement has become a 1 year term trade related bilateral loan for USD 100,000,000 granted to Sberbank by HSBC Bank, reported the press-centre of Sberbank.
Deputy Chairman of the Board of Sberbank Andrey Donskikh said: "The conclusion of the Framework Agreement as well as the 1-st Commercial Facility Agreement is a next important step of the progressive development of cooperation between Sberbank and HSBC Bank in the sphere of trade finance.
This agreement will allow Sberbank to boost trade finance business and to offer competitive products to our corporate clients, including the financing to be covered by Export Credit Agencies”.
Co-Head of Global Markets of HSBC Holding Plc Spencer Lake said: "Sberbank has been a key partner for the HSBC Group in Russia for many years. We are particularly delighted to sign this important agreement after many months of work. Signing the Framework Agreement reinforces the bank's commitment to our clients in the region".
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