Czech Export Bank, Sberbank sign cooperation agreement

Prague, March 21 (CTK) - The Czech Export Bank (CEB) and Russian bank Sbarbank have signed a cooperation agreement on joint activities in Russia and joint procedure during settlement of CEB's problematic claims in Russia, CEB told CTK in a press release Thursday.

Sberbank owns the former Volksbank in the Czech Republic. At the end of February it renamed it to Sberbank.

"Regarding the fact that Sberbank's clients are among the many entities in the Russian Federation that have significant debts towards the Czech Export Bank, we welcome the signature of the memorandum as an important opportunity to extend our cooperation in this area," CEB CEO Jiri Klumpa said.

According to public broadcaster Czech Television, Sberbank CEO German Gref has said the Czech market is the most attractive for Sberbank in Europe.

Sberbank wants to offer a programme focusing mainly on small businesses in the Czech Republic.

CEB representatives said at the International Engineering Trade Fair in Brno in September that CEB wants to increase the share of Russia in Czech exports. At present it accounts for nearly 4 percent.

The government export strategy ranks Russia among 12 priority countries.

Sberbank is the biggest bank in Russia, holding nearly one third of total Russian assets in the banking sector and having more than 100 million clients.