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Sberbank reports record trade finance volumes
09 February 2012
Russia’s Sberbank reported a record trade finance turnover for 2011. Dickon Harris examines the bank’s trade finance strategy for 2012.
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Sberbank
trade finance Russia
Russia Supply chain
In early January 2012, Sberbank announced a 50% increase in its trade finance portfolio to $7 billion through closing more than 930 transactions.
These impressive figures defy a sluggish global trade finance market. The bank’s secret is a new trade finance team which is actively pushing trade finance as a product to Russian corporates. In addition to an increase in its bilateral trade banking loans, the bank has expanded its classical trade finance business such as letters of credit, and this year looks to set work with newly created Russian agency for export credit and investment insurance EXIAR.
The rise of bilateral relationships One of the key drivers of this growth has been the increased use of bilateral loans from key foreign trade lenders. Sberbanks’ key lenders during last year were Bank of America Merrill Lynch, Citibank, Commerzbank, Mizuho Corporate Bank and RBS. These loans amounted to $3.9 billion...
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