June 19 – Sace and Sberbank signed memorandum of understanding for a long-term cooperation in the field of export credit in support of business transactions between Russia and Italy during the International Economic Forum in St. Petersburg. The agreement binds together the largest Russian bank and one of the leading financial institutions in the world, in the persons of the CEO and chairman of the Executive Board Herman Gref and CEO Alessandro Castellano. “The Memorandum of Understanding we signed today – explained Herman Gref – proves our mutual interest to actively support trade relations between Italy and Russia. Along with Sace, we are working on the development of export credit products that can best meet the needs of our customers. We think there is high potential for the development of trade and economic cooperation between Italy and Russia, especially in light of the negotiations between our government leaders, and in particular of Vladimir Putin’s visit to Italy on June 10.” Alessandro Castellano confirmed that “with an portfolio exposure greater than €4.4 billion exposure, Russia remains the top foreign market for Sace. Together with Sberbank, Russia’s largest bank, and always in compliance with the international regulatory framework, we continue to ensure export and investment activities for Italian companies in Russia, which displays a strong demand for Italian goods and technology.”
