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Sberbank Started To Cooperate With Chinese Banks
November 17, 2014 19:44


(Source: http://upeonligaty.3dn.ru/?page19)

A number of agreements on cooperation between Sberbank of Russia and the two largest Chinese banks, as well as the Chinese Export Insurance and Credit Corporation were signed at the APEC summit.

According to German Gref, these agreements provide for a wide range of financial solutions for the clients of Sberbank. This is stated in the press release of the Russian financial organization sent to Lenta.ru. The framework agreement on credit lines with the Export-Import Bank of China concerns the financing of trade between China and Russia. It includes agreements on credit lines for the amount of two billion dollars, credits to buyers for financing of floating capital in the amount of 3.1 billion yuans, as well as the credit to buyers for crediting of supplies of Chinese equipment. Under the singed agreements, Sberbank implements first attraction of resources in yuans to Russia, and the EximBank of China will provide financing by transferring yuans abroad for the first time.

The agreement on cooperation in several business areas was signed between Sberbank of Russia and the Bank of Harbin. These include agreements on trade financing, documentary business, correspondent relationships and transactions on the financial markets. Besides, the agreement provides for the granting of the loan to Sberbank of Russia, which will be used for trade financing of its customers.

Sberbank of Russia and China Insurance and Credit Corporation signed a framework agreement on cooperation for the amount of $ 2 billion. This agreement is aimed at the enhancement of long-term cooperation in financing of projects connected with the supplies of goods and services from China, joint investment projects, projects on localization of goods production by Chinese companies and other types of cooperation in Russia, CIS and other operating countries of the parties.

According to German Gref, the Head of Sberbank of Russia, the signed agreements constitute the necessary legal framework for cooperation with Chinese financial companies, as well as certify the terms of financing for specific transactions between Russian customers and Chinese customers of the agreement parties. German Gref also noted that several landmark transactions will be implemented in the near future.




Author: Anna Dorozhkina

Tags: Sberbank     

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