Russian bank Sberbank has signed a US$300mn one-year loan with a group of Middle Eastern banks.

The finance was arranged by Citi, who also acted as a lender alongside National Bank of Abu Dhabi, First Gulf Bank and Credit Libanais. The remainder of the syndicate remains confidential, with Sberbank declining to comment when contacted by GTR.

The loan will be used to support the bank’s Middle Eastern activities. Global head of trade finance and correspondent banking Andrey Ivanov explains in a statement: “This is a sound deal which enables Sberbank to access important financial markets and support trade transactions of our corporate clients with counterparties from the Middle East. Citibank’s participation as an arranger of this club deal is another example of co-operation between two major financial institutions.”