A Sberbank of Russia syndicate, including the Savings Bank of Hungary and the Export-Import Bank of Hungary, will receive an $82.8 million loan under the cover of the Hungarian export-credit agency MEHIB to finance the supply of equipment for the GE Hungary JSC Quadra-Power Generation Company.
"This pilot deal with Eximbank Hungary and MEHIB become an important logical step in strengthening synergies within the International Group Savings and development of our business in Central and Eastern Europe and in particular in Hungary," Andrey Ivanov, the head of trade finance and correspondent banking at Sberbank of Russia said during the signing ceremony. "I am pleased that, together with colleagues from the Savings Bank of Hungary, Hungary and Eximbank MEHIB we were able to develop an effective financing scheme, which we believe can be widely replicated in support of Hungarian exports to Russia and other countries of our presence."
"Cooperation with the Group Savings Bank and its subsidiary bank in Hungary is very important for the Hungarian Eximbank and MEHIB," the Deputy Director-General of the Hungarian Eximbank, Viktor Nagy said. "This buyer credit GE equipment is the first tangible result of this mutually beneficial cooperation. Another important achievement is the fact that as a result of several rounds of successful negotiations , we have significantly expanded the potential of our cooperation and created new opportunities for Hungarian exporters to finance their shipments to Russia."
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