Sberbank, the largest bank in Russia and Eastern Europe, has extended a $202 million line of credit over 10 years to the Renaissance Group.
"Renaissance has a wide geographic presence and a diversified portfolio of projects, including participation in the construction of commercial complexes for MEGA, Hyundai Motor and Ford. Although more than half of the projects are in Russia, the company also operates in the CIS countries and the Middle East. We are confident that our cooperation will be mutually beneficial," Sergei Bessonov, the deputy director of large and medium-sized businesses at Sberbank, said.
The deal was announced at MAPIC, the leading international retail property market, held Nov. 13-15 in Cannes.
"The reliability and competence of our financial partners is an absolute priority," Avni Akvardar, Renaissance Group's president for Russia and the CIS, said. "We were glad to realize another project with the Savings Bank and look forward to a mutually beneficial partnership in the future."
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