OREANDA-NEWS.  During the St. Petersburg International Economic Forum, Sberbank and Swarco, an international holding company for the manufacture of goods for road construction and traffic management, have signed a Memorandum of Understanding.

The Memorandum was signed by Svetlana Sagaydak, Deputy Chairperson of the Executive Board of Sberbank, and Alexander Swarovski, a member of the Supervisory Board of Swarco.

The Memorandum is aimed at participation in joint initiatives and the cultivation of mutually profitable cooperation between the two parties as well as their subsidiary structures and groups.

‘The bank intends to actively develop the cooperation with the company in order to modernize the transport infrastructure management system in the Russian regions, in particular such systems as Smart City. The company considers the possibility to organize an industrial production of the management systems and the correspondent software on the Russian territory’, Svetlana Sagaydak noted. ‘The bank is ready to consider the possibility to support Swarovski projects, including funding the supply of equipment and production development in Russia. The potential volume of the company's investments in Russia is up to 100 mln euro, the regions of particular interest are Tatarstan and cities hosting FIFA World Cup in 2018.’

Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 135 million individual customers and more than 1 million corporate clients in 22 countries. Sberbank has the largest distribution network in Russia with almost 17,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, Turkey and other countries.