OREANDA-NEWS. Sberbank and PJSC MOESK signed an agreement on the provision of the first of three lines of credit for PJSC MOESK worth RUB 5 bln at the St. Petersburg International Economic Forum. The three lines of credit are worth a total of RUB 15 bln. On behalf of Sberbank the agreement was signed by Oleg Ganeev, Deputy Chairman of the Executive Board of Sberbank and Head of Sberbank CIB1, and on behalf of MOESK – by Pyotr Sinyutin, General Director.
The agreement has a term of 10 years. The credit lines2 were organised by Sberbank CIB, the corporate and investment banking business of Sberbank.

The credit facilities may be used to finance the company’s activities in accordance with its charter, including financing of capital investments, repayment of loan debt to third parties, and acquisition and redemption of securities issued by the company.

The parties noted that this deal is yet another example of long-term, mutually beneficial cooperation between Sberbank and PJSC MOESK. The lines of credit will enable PJSC MOESK to fully finance its investment programme according to schedule.

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.