OREANDA-NEWS. June 27, 2013. During the St. Petersburg International Economic Forum, Sberbank of Russia and Glavstroy Corporation entered into a strategic cooperation agreement. The Agreement was signed by Herman Gref, CEO, Chairman of the Board of Sberbank, and Siegfried Wolf, Chairman of the Board of Directors, Glavstroy Corporation.

According to the Agreement, Sberbank will provide up to RUB 50bn to finance Glavstroy’s industrial redevelopment projects in Moscow, to set up residential and non-residential mortgage lending programmes for properties constructed by Glavstroy, and to arrange comprehensive payroll services to Glavstroy’s employees.

“Redeveloping former industrial sites is a key priority in an effort to make Moscow a better place to live and work in, and we believe that Glavstroy’s projects in this area have very promising prospects,” Herman Gref said. “As part of its financing support to Glavstroy, Sberbank will offer special mortgage lending programmes that serve individual borrowers.”

“Glavstroy’s mission is to develop infrastructure for an improved quality of life. Redeveloping industrial sites and constructing residential real estate in their place will help improve the image of Moscow and its progress as a people-friendly city. Our partnership with Sberbank for the purpose of these projects, including the mortgage lending programmes, will make housing in Moscow more affordable”, Siegfried Wolf noted.