OREANDA-NEWS.  June 28, 2013. Sberbank of Russia and National bank of Abu Dhabi (NBAD) signed a Memorandum of Understanding that determines the main spheres of the cooperation between the two banks: namely, trade finance, syndicated loans, rendering support to their customers seeking businesses in Russia, Commonwealth of Independent States (CIS) and the Middle East, investment banking advisory services, global markets operations, information exchange, etc.

Upon the signing Alexander Dementiev, Global Head of Financial Institutions, Sberbank of Russia, said: “Penetration to new financial markets is an important part of Sberbank Group international strategy. Diversifying our investor base while decreasing rates of growth in the developed markets, as well as offering our clients services at the strategically important and business attractive region, recognition of Sberbank's brand in the new geographies – all these are the goals we set and aim to achieve. I am pleased to point out that the Memorandum we have signed is based on a real business: a few days ago we closed a club deal with a large participation share of our partner - National bank of Abu Dhabi”.

Andrey Ivanov, Global Head of trade finance and correspondent banking, Sberbank of Russia, said: “That was a USD 300 million loan extended to Sberbank by a number of the leading Middle Eastern banks to be used for financing Sberbank’s clients trading operations. We will continue our cooperation with National bank of Abu Dhabi on a number of other banking products.”

Vineet Varma, Global Head of Financial Institution Group, National bank of Abu Dhabi, said: “We are quite satisfied with our successful start with Sberbank. We have significant plans of enhancing the lucrative business with the leader of the financial markets in Russia and CIS. Our customers are looking at the Russian market opportunities with a cautious interest and we hope that together with Sberbank we can help them to discover those opportunities. Russian investors are interested in finding reliable partners in the Middle East – and we are ready to offer them our services in the highest quality standards.”