Rostechnologii, Sberbank, VTB bank and Gazprombank sign cooperation memorandum
On 27 April 2009, in Moscow, State Corporation "Rostechnologii", Joint-Stock Commercial Bank "Sberbank of the Russian Federation", JSC VTB Bank and Gazprombank (open joint stock company) signed a Cooperation Memorandum. The document was signed by Sergei Chemezov, General Director of Rostechnologii, German Gref, Sberbank CEO, Andrei Kostin, VTB Bank President and Chairman of the Board, and Andrei Akimov, Gazprombank Chairman of the Board.
The Memorandum is designed to enhance the efforts undertaken by the Corporation and the Banks in promoting the development of hi-tech industries, especially under the current economic turmoil.
The parties identified the following key lines of cooperation:
- providing a wide range of banking services to enterprises belonging to the Corporation,
including the restructuring and settling their debts to the Banks; streamlining accounts payable and receivable;
- providing advisory services to the Corporation and its enterprises as to the management of, control over, monitoring, disposing of, and enhancing the quality of the assets owned by the Banks; as well as advising on settling overdue payments by borrowers from among the Corporation's enterprises toward the Banks;
- setting credit risk limits to the Corporation and its enterprises allowing them to apply for a wide range of lending products in order to facilitate prompt decision-making; and
- elaborating a concept aimed at establishing a Treasury at the Corporation.
Addressing the ceremony, Sergei Chemezov said: "We expect the Banks to help us, primarily in streamlining our accounts payable and receivable, as well as in structuring and settling payments to the Banks. In its turn, the Corporation is ready to provide the Banks with advisory services in managing and enhancing the quality of their assets in those industries which are within the competence of our enterprises".
State Corporation "Rostechnologii" was established in 2007 by a federal law. Its major goals are as follows: to promote the development, manufacturing and export of hi-tech industrial products by offering support to the Russian enterprises involved in developing and manufacturing such products in both international and domestic markets, by raising funds for companies from various industries.
Sberbank of Russia is the largest bank in the Russian Federation, Central and East Europe. Its share in the Russian banking assets amounts to about 30%. It's a major lender to the Russian economy. The Central Bank of the Russian Federation is the founder and major shareholder of Sberbank holding more than 60% of its voting shares. Among other shareholders of the Bank are more than 200 thousand individuals and corporates. The Bank has the widest network of branches in Russia, including 17 territorial banks, more than 20 thousand outlets and divisions, as well as subsidiaries in Kazakhstan and Ukraine.
VTB Group is one of the leading financial groups with in-depth experience gained in Russia and the CIS states. It is currently present in 18 countries worldwide. A major shareholder of the Bank, with a 77.5% interest, is the Russian Government. The remaining 22,5% of its shares are traded in the RTS and the MICEX, as well as in London Stock Exchange as Global Depository Receipts. As of 31 December 2008, VTB Group is the second largest financial group of Russia as to its assets (USD 126 bln) and customer accounts (USD 37.5 bln). VTB regional network in Russia, the CIS and Europe consists of 1,020 outlets, which places the Group among the top three retail banks of Russia.
Gazprombank (open joint-stock company)is one of the largest multi-facet financial institutions of Russia offering various banking, financial, investment products and services to both corporate and individual customers, financial institutions, and to institutional and private investors. The Bank is among the three largest banks of Russia and is ranked 3rd among the banks of the Central and East Europe. The Bank services such key industries of the Russian economy as gas, oil, nuclear power engineering, chemical and petrochemical industries, ferrous and non-ferrous metals, power industry, machine building and metal processing, transport, construction, communications, agribusiness, trade and other industries.
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