Sberbank, SVB Financial Group Signed Memorandum of Understanding
OREANDA-NEWS. June 28, 2012. During the St. Petersburg International Economic Forum Sberbank of Russia and SVB Financial Group (SVB), parent company of Silicon Valley Bank, of the United States have signed a Memorandum of Understanding establishing a formal relationship between Sberbank and SVB to promote venture financing in Russia and help support an emerging and vibrant entrepreneurial economy, reported the press-centre of Sberbank.
This cooperation envisages development and implementation of joint marketing programs and events for Russian startups based on programs developed by SVB, provision of services both to Russian startups to enter the American market, and to American funds and portfolio companies to operate in the Russian market.
Other activities of the relationship will include the servicing and support of Russia-focused venture funds, development of a venture financing industry including regular high-level consultations.
“This step will allow Sberbank to position itself as an innovative leader and develop a new model of services for the dynamically growing sector of the Russian economy, - commented the President, Chairman of the Board of Sberbank of Russia, Herman Gref, – I am sure that execution of the MOU with SVB will open a new page in the history of success of Russian startups.”
Greg Becker, President and CEO of Silicon Valley Bank, commented: “Silicon Valley Bank continues supporting innovation around the world. We are pleased to introduce our experience and knowledge to the Russian market through cooperation with Sberbank and support Russian startup companies in entering the US market.”
The terms of the MOU were not disclosed.