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Russian Sberbank to finance Turkish companies working in Kazakhstan

Business Materials 17 April 2015 15:53 (UTC +04:00)

Baku, Azerbaijan, Apr. 17

By Elena Kosolapova - Trend:

Russian Sberbank will finance Turkish companies working in Kazakhstan in the amount of $500 million in 2015, said the message of the Kazakh subsidiary of the bank.

The agreement is envisaged by a memorandum on cooperation which was signed between Kazakh National Export and Investment Agency Kaznex Invest and Sberbank at Kazakh-Turkish investment forum in Astana held within the official visit of Turkish President Rejep Tayyip Erdogan.

Within the memorandum, the parties plan to exchange information about the investment projects requiring bank operations and investments.

The share of Sberbank in the total amount of payments between Kazakhstan and Russia exceeds 30 percent. In Kazakhstan, Sberbank serves about 300 Turkish companies. The bank finances 18 projects worth nearly $400 million with Turkish capital.

"We have ambitious plans - we want to cover 50 percent of trade relations between Turkey and Kazakhstan," Alexander Kamalov, Chairman of the Management Board of Kazakh subsidiary of Sberbank said.

SB Sberbank is part of the international group of Sberbank. The Bank has 7 years of successful experience on the financial market of Kazakhstan and takes 5th place in terms of assets among Kazakhstan's second tier banks.

Today, SB Sberbank has a branch network of 117 structural subdivisions, 16 out of which are branches. The Central office of Bank is located in Almaty.

Edited by S.I.

Follow the author on Twitter: @E_Kosolapova

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