Sberbank of Russia and Acron Group, represented by JSC Acron and CJSC NWPC, have signed an agreement providing Acron Group with a total credit limit of USD 100 million for trade financing operations. This amount will cover loan agreements, non-revolving credit facility agreements and uncovered letters of credit for a term of up to 96 months (8 years).
The loan funds will be used to finance purchases of imported equipment, including from Russian suppliers (subsidiaries or distributors of foreign manufacturers).
Andrey Ivanov, Head of Trade Financing and Financial Institutions at Sberbank:
“This transaction is a telling example of the changes underway at Sberbank. For the first time ever, the Bank has provided a complex highly structured product that includes nearly all available trade and export financing instruments. We are glad that Acron Group, Sberbank’s long-standing partner, is our partner in this transaction. We are confident that the transaction will help further promote cooperation between Sberbank and Acron Group.”
Oscar Valters, Acron Senior Vice President:
“Acron Group has been a regular customer of Sberbank for over a decade. We highly value our business relationship with the bank and would like thank its employees for their professionalism. We also appreciate Sberbank’s participation in challenging investment projects. The financial support provided to Acron Group will promote its further growth and equipment upgrades as part of a large-scale investment programme envisaging the construction of new facilities.”