OREANDA-NEWS. December 06, 2012. Sberbank of Russia, the largest financial institution in Russia, the CIS and Eastern Europe, and Export Credit Bank of Turkey (TurkExim) today signed a USD 1 billion Memorandum of Understanding (MOU) to facilitate increasing Turkish exports of goods and services to Russia and other countries in which Sberbank operates and TurkExim programs are available, reported the press-centre of Sberbank.

Herman Gref, Chief Executive Officer and Chairman of the Board of Sberbank, and TurkExim General Manager Hayrettin Kaplan signed the Memorandum of Understanding.  The signing took place during the working visit of President of Russian Federation V. V. Putin to Turkey.

Sberbank’s Chairman Herman Gref underlined: “Russia and Turkey are strategic partners in the sphere of increasing international trade flows and mutual investment projects. Our target is to increase the financing of operations between Russian and Turkish companies keeping in mind recent integration of Deniz Bank into Sberbank’s group This Memorandum of Understanding will significantly expand Sberbank group’s capabilities to support business of our customers via modern and optimal schemes of financing in all regions of our presence”.

According to the terms of the agreement, TurkExim and Sberbank intend to support up to USD 1 billion in Turkish exports to buyers in Russia and other target countries through the next 3 years.  And TurkExim will consider increasing the amount of financing support should demand exceed USD 1 billion.