OREANDA-NEWS. Sberbank and UAZ LLC entered into a Memorandum of Strategic Cooperation at the St. Petersburg International Economic Forum. On behalf of Sberbank the document was signed by Maxim Poletaev, First Deputy Chairman of the Executive Board, and on behalf of UAZ LLC – by Vadim Shvetsov, Director General.

The Memorandum envisages development of cooperation between Sberbank and Ulyanovsk Automobile Plant (UAZ) in the area of financing investment projects aimed at developing the UAZ product line, and financing of programmes to reconstruct, modernise and reequip existing production facilities of the company in order to increase product efficiency, reliability and safety.

The document also states the parties’ interest in developing cooperation in a number of areas, including increasing the efficiency of cash and settlement services (including through the use of remote banking), provision of comprehensive servicing of foreign economic and trade contracts, development of special offers and conditions for the Bank’s payroll project retail products, rendering of consultancy and information support with regard to using derivatives to hedge financial risks.

The parties noted that the Memorandum will strengthen cooperation between Sberbank and UAZ in a number of key areas and help implement important automotive industry projects in Russia.