Export Development Canada (EDC), Canada’s official export credit agency, and Sberbank (Savings Bank of the Russian Federation), Russia’s largest commercial bank, have signed a memorandum of understanding (MOU) in Moscow to enhance cooperation and coordination in support of Canadian exports of goods and services to Russia.
“Strengthening EDC’s ties with Sberbank is an important step in helping promote Canadian exports to Russia,” says Eric Siegel, EDC executive vice-president, medium and long-term financial services, upon signing the agreement. “EDC is delighted to forge a closer relationship with Sberbank that will help better support Sberbank’s corporate clients in financing goods and services purchased from Canada.”
The EDC-Sberbank MOU establishes an ongoing relationship between both institutions, and provides a framework to enter into financing arrangements for specific transactions, to exchange information about potential projects and programs, and to promote each other’s services in Canada and Russia.
Sberbank is the largest bank in Russia, accounting for over a quarter of national banking assets. Established in 1841, its majority shareholder is the Central Bank of the Russian Federation, with the rest of its shares dispersed among portfolio, private and other investors. As a universal commercial bank with a network of more than 20,000 branches, Sberbank serves every segment of Russia’s financial market providing its individual and corporate customers with the full range of banking services.
EDC is a Canadian financial institution devoted exclusively to providing trade finance services in support of Canadian exporters and investors in up to 200 markets. Founded in 1944, EDC is a Crown corporation of the Government of Canada and operates as a commercial financial institution.