HSBC has agreed to loan Russia’s Sberbank US$100mn in a one-year trade finance facility.
Sberbank will use the funds to provide new and more competitive products to corporate clients.
“We are confident that this deal will give a new stimulus to the enhancement of the relationship between two banks and will bring along a strengthening of partnership with one of the leading financial institutions in the world,” says Andrey Donskikh, deputy chief executive officer of Sberbank.
HSBC’s managing director Tony Brooks adds: “Sberbank is an important client for HSBC’s financial institutions business and we are delighted to have signed this agreement. Trade finance is a very important product within HSBC and the opportunity to cooperate with the largest Russian bank demonstrates significant momentum for our business partnership.”
The deal comes soon after Sberbank signed two facilities with WestLB worth more than US$140mn.
The five-year bilateral loans comprise of US$80mn signed in August 2010 and US$60.5mn signed in October.
Both of the WestLB facilities are for trade finance purposes.
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