DGAP-News: Sberbank: Sberbank of Russia and SVB Financial Group signed a Memorandum of Understanding
(firmenpresse) - EquityStory.RS, LLC-News: Sberbank / Key word(s): Miscellaneous
Sberbank: Sberbank of Russia and SVB Financial Group signed a
Memorandum of Understanding
21.06.2012 / 18:46
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Sberbank of Russia and SVB Financial Group signed a Memorandum of
Understanding
June 21, 2012, St. Petersburg - During the St. Petersburg International
Economic Forum Sberbank of Russia and SVB Financial Group (SVB), parent
company of Silicon Valley Bank, of the United States have signed a
Memorandum of Understanding establishing a formal relationship between
Sberbank and SVB to promote venture financing in Russia and help support an
emerging and vibrant entrepreneurial economy.
This cooperation envisages development and implementation of joint
marketing programs and events for Russian startups based on programs
developed by SVB, provision of services both to Russian startups to enter
the American market, and to American funds and portfolio companies to
operate in the Russian market.
Other activities of the relationship will include the servicing and support
of Russia-focused venture funds, development of a venture financing
industry including regular high-level consultations.
'This step will allow Sberbank to position itself as an innovative leader
and develop a new model of services for the dynamically growing sector of
the Russian economy, - commented the President, Chairman of the Board of
Sberbank of Russia, Herman Gref, - I am sure that execution of the MOU with
SVB will open a new page in the history of success of Russian startups.'
Greg Becker, President and CEO of Silicon Valley Bank, commented: 'Silicon
Valley Bank continues supporting innovation around the world. We are
pleased to introduce our experience and knowledge to the Russian market
through cooperation with Sberbank and support Russian startup companies in
entering the US market.'
The terms of the MOU were not disclosed.
# # #
Sberbank of Russia
Alexander Baziyan
Public Relations Department
tel. +7(495) 957 5721
media(at)sberbank.ru
Sberbank is the largest bank of Russia that holds about 27% of the Russian
banking assets and employs nearly 240,000 people. The Central Bank of
Russian Federation is the founder and major shareholder of Sberbank, owning
57.6% of its issued outstanding shares. Other shares are held by more than
245,000 individual and institutional investors. The Bank has one of the
largest networks in Russia: 17 territorial banks, about 19,000 branches as
well as subsidiaries in Kazakhstan, Ukraine and Belarus, a branch in India,
representative offices in Germany and China. With the acquisition of
Volksbank International in 2012 Sberbank gained presence in nine Central
and Eastern European countries.
The bank holds the general banking license No.1481 issued by the Bank of
Russia.
The official website is www.sberbank.ru
End of Corporate News
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Language: English
Company: Sberbank
19 Vavilova St.
117997 Moscow
Russia
Phone: +7-495-957-57-21
E-mail: media(at)sberbank.ru
Internet: www.sberbank.ru
ISIN: US80585Y3080, RU0009029540, RU0009029557
Listed: Foreign Exchange(s) MICEX, RTS
End of News EquityStory.RS, LLC News-Service
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