Sberbank and ING Group have signed a EUR 350m credit line agreement. The agreement provides a legal framework for the funding of individual transactions of Russian corporates, with tenors of more than 5 years.
The credit line will finance the export of capital goods and related services from INGís base of European customers to importers banking via Sberbank and itís extensive branch network covering the Russian Federation, and will also provide long-term financing for project ventures between clients of the two banks.
The agreement was signed by Michel Tilmant, Chairman of ING Group, and Andrei I. Kazmin, Chairman of the Board and CEO of Sberbank, at ING House in Amsterdam.
The signatories consider that the agreement will benefit both Russian and European corporates, boosting Russian-European trade flows, as well as encouraging further joint projects. The financing agreement is backed by Export Credit Agencies, ensuring Russian companies are provided with long term financing at competitive interest rates. The agreement envisages the financing imports to Russia from Austria, Belgium, Germany, Denmark, Spain, Italy, Netherlands, Poland, Finland, France, Czech Republic, Sweden, Switzerland and other countries.
The Agreement with the ING Group banks will expand the range of bank products offered by Sberbank for financing long-term investment programs of its clients on favourable terms, whereas the corporate clients of Sberbank and of its regional branches will have one more instrument available for financing their investment projects.
Sberbank's Press Service