On June 4th 2002, in Budapest, Hungary, an agreement on cooperation was signed between Sberbank and Hungarian Export-Import Bank. The signing ceremony was attended by high-ranking officials from Hungary's Ministry of Foreign Affairs, Ministry of Finance and the Hungarian Bank Association and also by Valeriy Musatov, Ambassador of the Russian Federation to Hungary. 
The Cooperation Agreement, signed by Mr. Andrei Kazmin, Sberbank's Chairman of the Board & CEO, and Mr. Frigyes Banki, CEO of Hungarian Export-Import Bank, provides for financing short-, medium- and long-term projects of Sberbank's clients without any sovereign guarantee. Such a financing will cover projects associated with imports of Hungarian goods and services to Russia. The Parties to the Agreement believe it will boost business relationships between the two countries. 
The document sets out two main schemes of the banks' interaction. According to the first one Hungarian Eximbank provides direct loans to Sberbank for subsequent financing of the projects of Sberbank's clients connected with Hungarian imports to Russia. The second scheme includes guarantee cover of Hungarian Eximbank for credits from Hungarian commercial banks to Russian importers or their direct financing by Eximbank against Sberbank's guarantees. Hungarian Eximbank provides financing with a tenor of up to 5 years and more, depending on the particular project. 
The Agreement between Sberbank and Hungarian Eximbank is important for developing Russian-Hungarian economic relations and confirms Sberbank's outstanding international reputation. This is another step forward in Sberbank's policy of establishing relationships with export- import banks in the Russia's leading trading partner countries.

Sberbank's Press Service