The Slovenian Export Corporation (SID) and Russia's biggest bank Sberbank have signed an agreement on cooperation aimed at facilitating trade between Slovenia and Russia, SID said on Monday.
The agreement, signed last Wednesday during a three-day visit of PM Janez Jansa and a strong business delegation to Moscow, envisages bilateral cooperation in insuring and financing Slovenia's export of goods and services to Russia.
SID and Sberbank are to make joint decisions on which Slovenian export projects to Russia they will support, with the bank acting as a loan taker, while the Slovenian company will have the discretionary right to select the deals.
Sberbank, which employs more than 219,000 people and has around 20,000 subsidiaries, is Russia's seventh financial institution to close a cooperation agreement or a memorandum of understanding with SID.
Sberbank of the Savings Bank of the Russian Federation bank holds a 60% market share in terms of retail deposits, and a 50% market share in terms of retail loans, with its total assets standing at over US$ 70bn, the press release also reads.
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