J.P. Morgan issues $100 mln trade finance loan to Sberbank
MOSCOW. Sept 21 (Interfax) - J.P. Morgan will provide a five-year $100 million trade finance loan to Sberbank to facilitate pre-export finance for a client in the oil and gas sector in Russia, the Russian bank said in a statement.
"J.P. Morgan's five year trade finance loan to Sberbank comes at a time of uncertainty about the availability of liquidity in Europe and is testimony to our trusted relationship with Sberbank, the strength and capacity of our trade finance capabilities, and our ongoing commitment to the Russian market," Jeremy Shaw, head of J.P. Morgan's trade finance business in EMEA, was quoted as saying.
"Our on-the-ground presence in Russia, coupled with our global expertise in trade finance and services, enables us to meet the needs of our financial institution clients as they facilitate trade flows in emerging markets," Shaw said.
"Sberbank as the leading financial institution in Russia and the CIS is capable to structure complex banking services for corporate clients to meet their financing requirements," said Andrey Ivanov, Global Head of Trade Finance and FI of Sberbank. "We are delighted to extend our cooperation with J.P. Morgan, with whom we have a long-standing partnership, to provide our clients with pre-export finance solutions that help them manage supply chain risk and support their ongoing export sales."