Sberbank Europe AG and Metalloinvest Trading AG, with the participation of Sberbank International, have signed a Framework Revolving Receivables Purchase Agreement. Within the Agreement, the amount of USD 24 million has already been utilized for the purchase of receivables of U. S. Steel Košice, s.r.o. (Slovakia).
The financing is aimed at replenishing the working capital of the client and will support its exports of iron ore and steel products to European markets. The structure provides for a partial insurance coverage.
Timur Kozintsev, Senior Vice President, Head of Sberbank International, comments:
“This is the first international factoring deal of its kind in our bank, and we expect more such deals. The agreement became possible thanks to the well-coordinated work of Sberbank International, Sberbank’s CIB and Sberbank Europe. The deal shows that our clients can use the opportunities of Sberbank’s international network with a wide range of financial services”.