OREANDA-NEWS. November 13, 2014. Sberbank of Russia and Harbin Bank signed a Cooperation Agreement during the APEC CEO Summit.

On behalf of Sberbank the agreement was signed by Herman Gref, CEO, Chairman of the Executive Board, and on behalf of Chinese Harbin Bank – by Gao Shuzhen, Executive Director, President.

This agreement will focus on developing a long-term partnership in several business directions including correspondent banking, financial markets, documentary business and trade finance. It outlines the intention of Harbin Bank to provide Sberbank of Russia with a sizable trade finance facility, which Sberbank will use to fund its clients.

During the signing ceremony Herman Gref stated: "The Cooperation Agreement is an important step towards developing a mutually beneficial partnership between the banks. We expect that our cooperation will continue to grow. Our banks have sufficient pipeline to develop and we expect several sound transactions to be finalized in the near future."