EIB and Sberbank to enhance cooperation in their common regions of operation
- Release date: 23 November 2012
- Reference: 2012-170-EN
Werner Hoyer, President of the European Investment Bank (EIB), and Herman Gref, Chief Executive Officer and Chairman of the Management Board of Sberbank, signed a Joint Statement of Cooperation. The two financing institutions agreed to work together particularly to improve the access of SMEs and mid-cap companies to long-term finance and support climate action projects in Central and Eastern Europe, Russia, Turkey, the Eastern Neighbourhood and Central Asia.
EIB President Hoyer stated: “EIB and Sberbank are pooling their expertise and financial resources to cooperate in areas of mutual interest in their common regions of operation. We have agreed to work jointly towards facilitating the financing of SMEs and fostering climate action projects in the countries in which both our institutions are operating”.
Herman Gref, CEO and Chairman of the Management Board of Sberbank, commented “It is no coincidence that the European Investment Bank signed a Statement on Cooperation with Sberbank, which is transforming into a transnational bank with a strong presence in Europe. I am certain that the agreement will become the basis for further development of global relationships between Sberbank and EIB”.
After Sberbank’s recent acquisition of Volksbank International AG, the two banks intend to continue working together to support SMEs in the Czech Republic, Hungary and Slovakia. Similarly, Sberbank’s acquisition of DenizBank will enable both financial institutions to enhance their cooperation with SMEs and address other common priorities in Turkey. The banks also intend to cooperate in Russia, the Eastern Neighbourhood countries and Central Asia to support in particular SMEs and mid-caps.
This cooperation is also in line with the Joint IFI Action Plan for Growth in Central and South Eastern Europe, which is focused on providing better access to long-term finance for supporting private and public sector initiatives, including infrastructure, corporate investment and the financial sector. In addition to the former Joint Action Plan, it will support growth by fostering economic restructuring, consolidation and diversification, as well as enhancing long-term competitiveness through the increased availability of long-term credit.