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Sberbank Opened a Commodity Trading Company
23.07.2017 15:34
Sberbank Opened a Commodity Trading Company
(Source: http://eeenergy.com.ng)

Sberbank announces that it has created a subsidiary company named SB Commodity Trading LLC, and completed its first physical commodity purchase and sale transaction on the domestic market involving the provision of financing for oil companies and refineries.

      The new subsidiary has been created to carry out pre- and post-payment of deliveries of oil, gas, and petroleum products to producers, oil refineries, and commodity traders against future deliveries of oil and oil refinery products to end customers.

      This new product enables working capital to be generated prior to the beginning of production. Prepayment through purchase and sales contracts provides commodity producers and refiners with an additional source of liquidity, but does not possess the parameters of a debt instrument. Deals can be entered into at floating or fixed prices.

      Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 135 million individual customers and more than 1 million corporate clients in 22 countries. Sberbank has the largest distribution network in Russia with almost 17,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, Turkey and other countries.


      
 

      
 

Sources: http://www.sberbank.ru 

Author: Anna Dorozhkina

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