Russian Sberbank sign memorandum of understanding in Turkey
Turkish banking sector keeps drawing interest from abroad as more foreign companies keep coming into this country.
It has been reported in the meantime that one of the newcomers in Turkey’s banking sector, Russia’s Sberbank is seeking to enhance its position by signing cooperation deals with the Export Credit Bank of Turkey (Turk Eximbank) and the Investment Support and Promotion Agency of Turkey (ISPAT). As known Sberbank bought Denizbank (Dexia’s Turkish unit) for USD 3.5 billion last June and became the first Russian bank to operate in Turkey.
Sberbank has made a statement that they have taken a big step to facilitate exports from Turkey to Russia and other countries where Sberbank branches and Turk Eximbank programs are available, signing of a USD 1 billion Memorandum of Understanding (MoU) with Turk Eximbank.
As known, Sberbank is the largest lender in Russia and third largest in Europe.
On the other hand it has also been reported that the MoU with ISPAT, aims to strengthen business ties between Turkey and Russia via 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.
Business relation between two countries which were hostile for hundreds of years have developed into a strategic partnership over the recent years and parties have agreed on a nuclear power plant project to be built in Turkey by Russia , as well as cooperation in other projects in the energy sector.
Two countries gave developed a trade volume of USD 35 billion so far and would like to pull it up to USD 100 billion.
