Sberbank and German export credit consortium AKA Ausfuhrkredit-Gesellschaft m.b.H (AKA Bank) have signed a revised version of the framework agreement for financing the exports of capital goods and services to Russia under Export Credit Agencies cover.
Andrey Donskih, Deputy Chairman of the Board of Sberbank, said: "Financing under ECA coverage is strongly demanded by our clients in view of modernization of the existing facilities and adoption of innovative technologies, which makes it a priority business for our Bank.
Signing of the Agreement is an important step towards deepening relations between Sberbank and AKA Bank in the context of further development of trade relations with European Union. Apart from a newly discussed opportunity of Ruble investment financing for up to 15 years, issuance of the line is an important contribution towards diversification of the Sberbank’s product line, which enables our corporate clients to implement large-scale projects requiring long term financing on highly competitive basis."
Dr. Hans-Jörg Todt, Managing Director of AKA Bank said: "We are glad to continue and expand our cooperation with the largest Russian bank and we believe that signing of the basic agreement will help strengthen Sberbank’s international business ties with world financial institutions".
AKA Ausfuhrkredit-Gesellschaft m.b.H, is an export credit consortium of 19 German banks, established in 1952. As of the end of 2009, the bank's total assets stood at 2.9 billion Euro. As a credit institution in the secondary market AKA Bank essentially supports it’s shareholder banks in the realization and optimization of international trade finance, and thus indirectly their clients, i.e. companies engaged in foreign trade.Source: SberbankDate: 26.08.2010
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