Alexander Govorunov, Chairman of North-West Bank of Sberbank and Alexander Vakhmistrov, CEO and Chairman of the Executive Committee of LSR Group, signed an agreement on strategic partnership in St. Petersburg.

The agreement is aimed at expansion of long-term and mutually beneficial cooperation between LSR Group and Sberbank, including credit facilities for LSR Group’s major projects as well as developing new mortgage programmes for residential housing under construction.

At the signing ceremony Alexander Govorunov, Chairman of North-West Bank of Sberbank, commented: “Even though it is a frame agreement, it contains several affirmed items. I’m sure this will be beneficial both for the construction industry of the region and its people as more mortgage programmes for housing by LSR Group will be offered”.

Sberbank also intends to consider participation in financing construction of LSR Group’s new brick factory.

“We established efficient cooperation with one of the Russia’s largest state banks – Sberbank - many years ago, so, this agreement on partnership is just another step in our interaction. This cooperation not only defines our company as a reliable partner but also shows a great interest of large financial institutions in business development and implementation of significant investment projects in Russia”, said Alexander Vakhmistrov, CEO and Chairman of the Executive Committee of LSR Group.

Sberbank is currently providing comprehensive services for the subsidiaries of LSR Group: settlement and cash services, cash acceptance options, payroll card programmes, collection service and cash conversion service. Today LSR Group’s subsidiaries have existing credit facilities in Sberbank worth around RUB 6 billion.