(The following press release from OCBC was received by e-mail.)
OCBC Bank and Sberbank of Russia Signs Cooperation Agreement to Boost Trade
Ties between Russia and Asia
On 20 June 2013, OCBC Bank and Sberbank of Russia (Sberbank), the largest bank
in Russia and Commonwealth of Independent States, signed a Cooperation
Agreement to support the growing economic and trade ties between Russia and
Asia at a ceremony held during the St Petersburg International Economic Forum.
Under the agreement, both banks agree to intensify their collaboration in the
areas of trade finance, which include the partnership to develop opportunities
in the areas of export-import trade finance services that could amount up to
USD1.5billion, capital market operations in local currencies, correspondent
banking and investment banking.
Commenting on the partnership, Mr Linus Goh, Head of Global Commercial Banking,
OCBC Bank said: “This is an important milestone in our partnership with
Sberbank. We are optimistic about our expanded cooperation in financing the
growing trade between Asia and Russia and in providing access to each others'
economies and capital markets."
Mr Andrey Donskikh, Deputy Chairman of the Management Board of Sberbank of
Russia, said: “We view OCBC as a trusted and reliable partner and the signed
agreements testify our ambitions to grow in Singapore and in Asia, which is one
of the priority regions for Sberbank Group.”
About Sberbank of Russia
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.
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