OTTAWA, March 30, 2012 /CNW/ - Friday, March 30, 2012 - Export Development Canada (EDC), Canada's official export credit agency, and Sberbank of Russia, Russia's largest commercial bank, today announced a trade finance partnership that aims to increase Canadian trade in the Russian Federation.
Under the agreement, EDC will provide USD 275 million in financing to Sberbank to support transactions where Sberbank's customers are buying Canadian supply and services.
EDC and Sberbank will coordinate, throughout the term of the financing, specific measures of cooperation to improve the volume of Canadian trade in Russia and to improve access to financing for Russian buyers of Canadian exports.
"Sberbank's customers include many of the largest Russian buyers of foreign goods and services, providing for a well-placed and relevant partner for Canadian companies looking to grow their business in the Russian Federation," said Rajesh Sharma, EDC Senior Vice President, Business Development. "In addition to this important financing, we are proud to partner with Sberbank on several new measures of cooperation in the context of further development of Canadian-Russian trade."
Andrey Donskikh, Deputy Chairman of the Board of Sberbank of Russia, commented: "Sberbank sets great value on this partnership with EDC and is confident that collaboration between our institutions will strengthen our relations and originate new business opportunities for companies in our countries. The facility granted by EDC to Sberbank ensures additional capacity for financing Sberbank's clients, throughout Russia, to procure Canadian capital goods and services, which will contribute to further development and the increase of trade volumes between Russia and Canada."
More detailed information concerning the EDC-Sberbank partnership will be made available during a formal announcement scheduled for June.
Sberbank of Russia is the largest bank in Russia, Central and Eastern Europe, with approximately 30% of the total assets of the Russian banking system. The Central Bank of the Russian Federation is the founder and the majority shareholder of Sberbank (over 60% of the voting shares), with the rest of the shares dispersed among more than 245,000 individuals and legal entities. The Bank has the most widespread branch network in Russia: 17 Regional Head Offices, over 20,000 branches and banking outlets, as well as subsidiaries in Kazakhstan, Ukraine and Belarus, a branch in India, representative offices in Germany and China. Sberbank holds the General License No. 1481, issued by the Central Bank of the Russian Federation. www.sberbank.ru
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 7,700 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.
For further information:
Sberbank of Russia: Alexander Baziyan, PR Department +7 495 957 5721 email@example.com
Export Development Canada: Phil Taylor, +1 (613) 598-2904, firstname.lastname@example.org