Sberbank successfully structures first ever trade finance transaction involving ITFC

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AK&M 04 August 2020 15:10

Sberbank has successfully structured its first ever trade finance transaction involving the International Islamic Trade Finance Corporation (ITFC), the bank infomred.

Egypt's General Agency for Supply Commodities (GASC) is the buyer. The bank's client is a long-standing client, a major trader in agricultural goods.

The International Islamic Trade Finance Corporation (ITFC) founded in 2008 is headquartered in Saudi Arabia. The mission of the corporation is to contribute to the development of trade relations between the member countries of the Organization of Islamic Cooperation (OIC). The top rating of ITFC will ensure a substantial increase in the share of Russian wheat exports to Egypt.

Sberbank of Russia (tax number: 7707083893) is the largest bank in Russia, Central and Eastern Europe. The Bank is the principal lender to the Russian economy and has the highest share in the market of deposits.

The bank's authorized capital is RUB 67.76 billion. It consists of 21,586,948 thousand common shares and 1 billion preferred shares with a face value of 3 rubles each.

The Russian Federation represented by the Ministry of Finance owns 52.32% of Sberbank's total voting shares.