Russia’s Sberbank has signed two trade finance agreements with Bank of America Merrill Lynch (BofAML) and HSBC.
A US$2bn framework loan agreement signed with HSBC will help Sberbank fund short, medium and long-term trade finance transactions with the support of export credit agencies (ECAs). HSBC has already extended a one-year US$1bn commercial facility under the agreement.
Sberbank deputy chairman of the board Andrey Donskikh says: “The conclusion of the framework agreement is the next important step of the progressive development of co-operation between Sberbank and HSBC in the sphere of trade finance. It will allow Sberbank to boost trade finance business and offer competitive products to our corporate clients, including financing covered by ECAs.”
HSBC co-head of global markets Spencer Lake adds: “Sberbank has been a key partner for the HSBC group in Russia for many years. We are particularly delighted to sign this important agreement after many months of work.”
Sberbank has also signed a master trade finance facilities agreement with BofAML, and adding that partnerships between Russian and US banks expands the capacity to finance international trade and contributes to improving services for its clients.
Both agreements were signed at the St Petersburg International Economic Forum, where Sberbank also signed a US$1bn memorandum of understanding with US Exim to increase exports of US goods to Russia and the CIS region.
US Exim aims to increase exports to CIS