Dünya – One of the latest entrants in Turkey’s banking industry, Russia’s Sberbank looks to consolidate its position by signing two separate cooperation deals; one with the Export Credit Bank of Turkey (Turk Eximbank) and the other with the Investment Support and Promotion Agency of Turkey (ISPAT) during Russian President Vladimir Putin’s visit to Istanbul. Sberbank bought Dexia’s Turkish unit, Denizbank last June for USD 3.5 billion, becoming the first Russian bank to operate in Turkey.
The largest lender in Russia and third largest in Europe, Sberbank’s signing of a USD 1 billion Memorandum of Understanding (MoU) with Turk Eximbank is a step to facilitate exports from Turkey to Russia and other countries where Sberbank branches and Turk Eximbank programs are available, according to the statement made by Sberbank.
The MoU with ISPAT, aims to strengthen business ties between Turkey and Russia by way of cooperating on the development of investment projects both in Turkey and Russia as well as mutually improving the investment environments in the two strategic partners. Signed by ISPAT President Ilker Ayci and Sberbank CEO Herman Gref, the MoU also includes exchanging information and assistance on investment projects during the promotion and implementation stages.
“Investment cooperation between Russia and Turkey is actively developing. The signing of the MoU with ISPAT which has extensive experience of promotion investment projects will strengthen the position of Sberbank group in Turkey.”, Sberbank CEO noted.
Turkish-Russian relations have evolved into a strategic partnership over the recent years as both sides closely cooperate in several fields with energy being at the forefront. Russia is building Turkey’s first nuclear power plant in Akkuyu, Mersin and is a major supplier of Turkey’s natural gas. The trade volume between the two countries is expected to reach USD 35 billion in 2012.