ISTANBUL,Turkey, December 3, 2012 /PRNewswire/ --

Sberbank has signed a Memorandum of Understanding with TurkEximbank to raise trade volumes to 1 billion US dollars between the two countries, and a Memorandum of Understanding with the Investment Support and Promotion Agency of Turkey. Under the Memorandum of Understanding both parties have agreed to strengthen relations through investment cooperation, to facilitate the identification and implementation of investment projects in Russia and Turkey and to promote the investment climate of the two countries.

The Export Credit Bank of Turkey (TurkExim) and Sberbank of Russia, the largest financial institution in Russia, the CIS and Eastern Europe, today signed a $1 billion Memorandum of Understanding (MOU) to facilitate an increase in the export of Turkish goods and services to Russia and other countries in which Sberbank operates and TurkExim programs are available.

TurkExim General Manager Hayrettin Kaplan and Herman Gref, Chief Executive Officer and Chairman of the Board of Sberbank, signed the Memorandum of Understanding. The signing took place during the working visit of the President of Russian Federation Vladimir Putin to Turkey. According to the terms of the agreement, TurkExim and Sberbank intend to support up to $1 billion in Turkish exports to buyers in Russia and other target countries over the next 3 years. TurkExim will consider increasing the amount of financing support should demand exceed $1 billion.  

Investment Support and Promotion Agency of Turkey (ISPAT) and Sberbank of Russia have today signed a Memorandum of Understanding. Ilker Aycı, President of the Agency, signed the Memorandum on behalf of the Agency and Herman Gref, CEO and Chairman of the Board of Sberbank, signed on behalf of Sberbank of Russia. Under the Memorandum the parties have agreed to strengthen relations through cooperation in investment, to facilitate the identification and implementation of investment projects in Russia and Turkey and to promote the investment climate of the two countries. In addition, the Memorandum provides for assistance through exchange of information and recommendations during the promotion and implementation of investment projects and transactions.

Sberbank's Chairman Herman Gref, commenting on the signing, said, "Russia and Turkey are strategic partners and share increasing international trade flows and mutual investment projects. Our target is to increase the financing of operations between Russian and Turkish companies, a goal which the recent integration of DenizBank into the Sberbank group will support. This Memorandum of Understanding will significantly expand Sberbank's capabilities to support our customers business via modern and efficient methods of financing in all regions in which we have a presence". Pointing out that investment cooperation between Russia and Turkey is actively developing Herman Gref commented: "The signing of the Memorandum with the Turkish agency that has extensive experience of promotion investment projects will strengthen the position of Sberbank group in Turkey".

Sberbank of Russia is the largest bank in Russia and holds almost one third of all Russian banking sector assets. The Central Bank of the Russian Federation is the founder and major shareholder of Sberbank, owning 50% of the total share capital plus one voting share. Other shares are held by more than 245,000 individual and institutional investors. The Bank has the largest distribution network in Russia with over 19,000 offices as well as subsidiaries in 20 countries including the CIS, Central and Eastern Europe and Turkey. In September 2012, Sberbank completed the acquisition of DenizBank AS which is ranked 6th among private and 9th among all Turkish banks by consolidated total assets.

The Bank holds the general banking license No.1481 issued by the Bank of Russia.
The official website is http://www.sberbank.ru.

SOURCE Sberbank