OREANDA-NEWS. Sberbank and Gaz Group, one of the major Russian diversified industrial groups Basic Element, have signed a  general agreement for cooperation in foreign markets. The signing ceremony happened during the St. Petersburg International Economic Forum. The documents were signed by Sergey Gorkov, Deputy Chairman of the Executive Board on behalf of Sberbank of Russia, and Siegfried Wolf Chairman of the Supervisory Board of GAZ Group.

Under the agreement, Sberbank and GAZ Group will be cooperating regarding the organization of funding the supplies of cars and buses for export, realization of leasing transactions and factoring operations and the creation of special credit programs for the ultimate buyers abroad.

"Currently, Sberbank is represented in most of the CIS countries, in Central and Eastern Europe and in Turkey. The geography of our presence fully coincides with the export markets of GAZ Group. In particular, with the help of active assistance of Sberbank  subsidiary bank  Denizbank the company has not only successfully launched a new model of GAZelle NEXT on the local market but also opened the assembly plant,  established an effective dealer network and launched a program of concessional lending to car buyers. We consider the support of domestic mechanical engineering as one of the strategic priorities for Sberbank, we believe in the success of GAZ Group and we are ready to provide a full support for the entrance of GAZelle NEXT and other models of the company into new export markets where Sberbank brand has already managed to prove itself, "- commented Sergey Gorkov.

Siegfried Wolf, Chairman of the Board of OJSC GAZ: "Today GAZ Group has the modern products that can successfully compete in export markets. We are confident that the cooperation with such a powerful and reliable partner as Sberbank, will allow us to use modern and efficient financial instruments and to offer favorable conditions for the purchase of vehicles to consumers in foreign countries."