OREANDA-NEWS. November 28, 2013. Sberbank of Russia financed a trade transaction of ICBC banking group through risk participation. ICBC (London) Plc (UK) is a borrower under a newly executed Master Participation Agreement for Trade Transactions (MRPA).

This has become a milestone transaction opening a route to new opportunities with the banking institutions worldwide. It is a long anticipated addition to Sberbank’s existing trade finance business portfolio.

Andrey Ivanov, Global Head of Trade Finance and Correspondent Banking of Sberbank, stated: “Business with Chinese partners is among our primary focus in Trade Finance. This pilot deal with ICBC became a landmark in development of relations between our institutions which confirms Sberbank’s intention to enlarge its presence in the Chinese region”.

Alexander Dementiev, Global Head of Financial Institutions of Sberbank, said: “We are in China since 2010 and established relationship with key financial institutions, signed important strategic cooperation agreements. Our ties are based on fruitful business cooperation with over billions dollars deals, including: trade finance, corresponding banking, global markets, and syndications. The new deal with ICBC will bring us to new level of cooperation.”