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Tuesday, December 12, 2017

Sberbank, Hayat Holding sign memorandum of cooperation

Sberbank, the largest bank in Russia and Eastern Europe, recently signed a memorandum of cooperation with Turkey's Hayat Holding.

The document was signed by Deputy Chairman of Sberbank Sergey Gorkov and Onur Guven, a member of the board of directors of Hayat Holding, on Nov. 20.

The memorandum provides for Sberbank to give Hayat Holding investment financing, the provision of services for short-term loans for working capital, transaction services and trade finance.

"Hayat Holding has a long history of cooperation with the Turkish DenizBank, within the Sberbank group," Gorkov said. "The memorandum will allow Sberbank to support projects of Hayat Holding in the territory of the Republic of Tatarstan."

Hayat Holding's core activities are construction, the chemical industry and wood processing.

Headquartered in Moscow, Sberbank offers a full range of savings, investment, and lending services.