J.P. MORGAN PROVIDES SBERBANK WITH TRADE FINANCE LOAN TO FACILITATE PRE-EXPORT FINANCE IN RUSSIA
09.23.2011Toronto, 21 September, 2011 – J.P. Morgan Treasury Services today at Sibos announced that it will provide a five year, $100 million trade finance loan to Sberbank, the largest bank in Russia and Eastern Europe, to enable Sberbank to facilitate pre-export finance for a client in the oil and gas sector in Russia.
“J.P. Morgan’s five year trade finance loan to Sberbank comes at a time of uncertainty about the availability of liquidity in Europe and is testimony to our trusted relationship with Sberbank, the strength and capacity of our trade finance capabilities, and our ongoing commitment to the Russian market,” said Jeremy Shaw, head of J.P. Morgan’s trade finance business in EMEA. “Our on-the-ground presence in Russia, coupled with our global expertise in trade finance and services, enables us to meet the needs of our financial institution clients as they facilitate trade flows in emerging markets.”
“Sberbank, as the leading financial institution in Russia and the CIS, is capable of providing the complex banking services for corporate clients to meet their financing requirements,” said Andrey Ivanov, Global Head of Trade Finance and FI of Sberbank. “We are delighted to extend our cooperation with J.P. Morgan, with whom we have a long-standing relationship, to provide our clients with pre-export finance solutions that help them manage supply chain risk and support their ongoing export sales.”
J.P. Morgan and Sberbank have a strong relationship history dating back to 1993. J.P. Morgan provides US dollar commercial settlements and euro treasury settlements to Sberbank and Sberbank acts as ruble clearing provider for J.P. Morgan.
About J.P. Morgan Treasury Services
J.P. Morgan’s Treasury Services business is a full-service provider of innovative cash management, trade, liquidity, commercial card and escrow services — specifically developed to meet the challenges treasury professionals face today. More than 135,000 corporations, financial institutions, governments and municipalities in over 180 countries and territories entrust their business to J.P. Morgan. J.P. Morgan Treasury Services is one of the world’s largest providers of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com
About Sberbank
Sberbank of Russia is the largest Bank in Russia, Central and Eastern Europe, with approximately 30% of the total assets of the Russian banking system. The Central Bank of the Russian Federation is the founder and the majority shareholder of Sberbank (over 60% of the voting shares), with the rest of the shares dispersed among more than 245,000 individuals and legal entities. The Bank has the most widespread branch network in Russia: 17 Regional Head Offices, over 20,000 branches and banking outlets, as well as subsidiaries in Kazakhstan, Ukraine and Belarus, a branch in India, representative offices in Germany and China.
Sberbank holds the General License No. 1481, issued by the Central Bank of the Russian Federation.
Official website of the bank is www.sberbank.ru