News

June 3, 2010
Moscow

Citibank Europe PLC Provided a Trade Finance Loan to Sberbank

Sberbank and Citibank have announced the closure of the deal on providing USD 150 million trade finance to Sberbank for 1 year. The loan was extended within a previously signed agreement and will be directed to streamline trade finance operations for Sberbank’s clients.

Andrey Donskikh, Deputy Chairman of the Board at Sberbank, said: "This deal is an important step towards deepening relations between Sberbank and Citibank in terms of trade finance. The provided credit line will add to further development of Sberbank’s product line for larger and the largest corporates doing external-economic activity".

Zdenek Turek, President of ZAO Citibank, said: "Sberbank is one of the largest Russian banks in terms of trade finance business. We are glad that Citibank acts as a partner in this deal. Cooperation between these two sound brands provides additional opportunities in trade finance and will help strengthen Sberbank’s international business ties with world financial institutions".

Sberbank today is the largest credit institution in Russia and CIS, accounting for about a quarter of the aggregate Russian banking assets and a third of banking capital. Established in 1841, Sberbank has grown into a universal commercial bank with diversified business. Sberbank is the biggest taker of deposits in the country and the key lender to the national economy.
Sberbank has the largest countrywide branch network with 18 regional head offices and more than 20,000 retail outlets. Sberbank operates subsidiary banks in Kazakhstan and Ukraine contemplating Belarus.

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com