Sberbank opens line of credit worth $31.5 mln for JSC "Aerospace Equipment Corporation"

Jul 11, 2014

July 11, 2014, Moscow – Sberbank of Russia, represented by Severo-Zapadny Regional Bank, opened a revolving line of credit with a limit of $31.5 mln for a period of two years for JSC "Aerospace Equipment Corporation (AEC).

The funds will be used to finance the development of modern aircraft instruments, avionics and flight simulators and to fulfil obligations under export contracts.

AEC, one of the largest aircraft instrument companies in Russia, is owned by Concern Radio-Electronic Technologies (KRET), a subsidiary of the state corporation Rostec. The company’s main products are aircraft instruments, avionics and flight simulators.

“By providing financing for a major Russian developer and manufacturer of equipment and systems in a variety of high-tech industries, Sberbank continues to help develop modern industry in Russia,” commented Senior Vice-President of Sberbank Svetlana Sagaidak.

“The bank’s quick decision making, competitive banking services and professional management, in our opinion, ensure a future of mutually beneficial cooperation between our organizations,” said JSC AEC Deputy General Director for Economics and Finance Boris Mitenkov.

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Sberbank of Russia
Alexander Baziyan
Public Relations
Tel. +7(495) 957 5721
media@sberbank.ru

Sberbank of Russia is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 110 million individual customers and 1 million corporate clients in 22 countries. Sberbank has the largest distribution network in Russia with more than 18,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, Turkey and other countries.

The Bank holds the general banking license No.1481 issued by the Bank of Russia. The official website is www.sberbank.ru.