Setl Group and Sberbank Signed a 100 Billion Rubles Cooperation Agreement
2019 june 07
On June 7, in the wings of the St. Petersburg International Economic Forum, the Setl Group Holding and PAO Sberbank entered into a strategic partnership agreement. The document provides for the Bank’s intention to participate in the Holding’s business as financial partner, and credit its current and future projects to an amount of up to 100 billion rubles.
The document was signed by Victor Ventimilla Alonzo, Chairman of the North-Western Bank of PAO Sberbank, and Maksim Shubarev, Chairman of the Board of Directors of Setl Group.
Under the agreement, the Bank confirmed its intention to allocate funds for the enhancement of the Holding’s developer activities, in particular for funding projects such as Green Quarter on Pulkovo Heights in Moskovsky District and Clear Sky in Primorsky District, and the premium class project The ONE in Petrovsky Island and others. The signing of the agreement is a next step in the development of many-year partner relations between Sberbank and Setl Group. This agreement will give the Holding new abilities for efficient development of the targeted program under the conditions of new legislation, in particular with projects switching over to new funding rules using escrow accounts.
“We have been comprehensively cooperating with Sberbank for a long time, in various lines such as project funding, mortgage lending, bank services for real estate transactions, and many others. Definitely, we see Sberbank as our strategic partner. Today’s agreement is another step in developing this cooperation. I am sure that in the face of changing legislation in the construction sector, this step will enable both companies to find efficient and advantageous ways of developing their activities, and confirm the unfailing reliability and high quality of services we offer to our clients,” emphasized Maksim Shubarev.
“Setl Group is a key player in the country’s construction market and a largest financial and industrial association in the North-West of Russia,” noted Victor Ventimilla Alonzo, chairman of the North-Western Bank of PAO Sberbank. “Last year, the company became Sberbank’s first partner in the implementation of the letter-of-credit pattern of crediting. We intend to maintain the company’s existing and new projects, and to develop cooperation in terms of both financial and non-financial interaction.”
Companies of Setl Group holding