The deal was implemented through Sberbank’s subsidiary bank in Switzerland that has commodity trade finance at the core of its operations.
According to the official press release, under the deal Sberbank have structured an export letter of credit to supply Russian wheat to Egypt. Besides, the bank aims to unlock new opportunities to develop the Islamic business area for their customers.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.