On March 27, 2001 a meeting was held at Sberbank between ANDREI I. KAZMIN, Chairman of the Board and CEO of Sberbank, and ERNST WELTEKE, President of Deutsche Bundesbank (Federal Bank). Mr. Welteke was in Moscow on an official visit.

At the meeting Andrei Kazmin and Ernst Welteke discussed a wide range of issues of mutual interest. In particular, in connection with the introduction by the European Union from January 1, 2002 of EURO in cash and non-cash settlements the parties discussed opportunities of broader use by Sberbank of the single European currency in servicing foreign trade deals of its clients as well as in operations with cash currency.