Magyar Eximbank, Sberbank sign cooperation agreement

Int’l Relations

Magyar Export-Import Bank on Thursday signed a cooperation agreement with Russia's Sberbank and its local unit Volksbank Magyarország. The agreement can produce efficient cooperation in a number of areas, said Eximbank CEO Roland Nátrán. Sberbank deputy-CEO Sergey Gorkov expressed hope the agreement would support the strengthening of exports to Russia, Turkey and the CIS. Gorkov said Volksbank Magyarország would undergo a rebranding process at the start of November that would wind up at the beginning of 2014. Russia's Sberbank acquired the Volksbank International's business in Hungary along with the rest of central and Eastern Europe, with the exception of Romania, for €505 million in February 2012.

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