OREANDA-NEWS. June 25, 2013. In the course of St. Petersburg International Economic Forum Andrey Donskih, Deputy Chairman of the Board of Sberbank of Russia, and Linus Goh, Executive Vice President, and Head of Global Commercial Banking of Oversea-Chinese Banking Corporation (OCBC Bank), which is the second largest financial services group in Southeast Asia by assets, signed a Cooperation Agreement, and Master Trade Finance Agreement on the back of which a landmark USD 500m transaction will be executed.

These agreements underline the positions of Russia and Singapore as reliable political and economic partners on the international level and serve for the facilitation of trade and business, including the expected development of export-import trade finance services that could amount up to RUB45 billion, capital market operations in local currencies, correspondent banking and investment banking services and other fields of potential cooperation.

Commenting the meeting results, Mr. Donskih noted: “We view OCBC as a trusted and reliable partner and the signed agreements testify our ambitions to grow in Singapore and in Asia, which is one of the priority regions for Sberbank Group.”

Said Mr. Linus Goh, Head of Global Commercial Banking, OCBC Bank: “This is an important milestone in our partnership with Sberbank. We are optimistic about our expanded cooperation in financing the growing trade between Asia and Russia and in providing access to each others' economies and capital markets."