Sberbank CIB1, the corporate and investment banking business of Sberbank, has provided 3 bln roubles’ worth of financing to Russian car leasing company CARCADE (Carcade LLC). The lending contract will be carried out by September 2021.
CARCADE will use the credit facility to refinance its current liabilities and fund new car leasing deals with corporate clients, and small, medium-sized and major enterprises.
The financing provided by Sberbank will enable the company to continue growing its business, including through developing vehicle leasing products with more favourable conditions and improved customer service. CARCADE plans to channel the borrowed funds into refinancing existing debts and boosting purchases of vehicles to be leased to clients.
Olga Klyachko, Senior Managing Director and Head of the Financial Institutions Division at Sberbank CIB:
“Sberbank and CARCADE have worked together since 2007. This new credit line is a great new chapter in our long-term, mutually beneficial relationship. It is in our interest to help our partners develop their businesses, and we always aim to provide them with the widest-ranging and highest quality financial services.”
Dmitry Chernyshev, Financial Director of Carcade LLC:
“Our new lending agreement with Russia’s largest bank is a testament to the financial stability of the company and our reputation as a reliable partner.”
CARCADE (Carcade LLC) is a major provider of passenger and commercial vehicle leasing services. The company began operating in Russia in 1996. CARCADE has been part of European financial group Getin Holding S.A since 2003.
Sberbank is Russia’s largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 145 million customers in 22 countries. Sberbank has the largest distribution network in Russia with almost 15,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, India, China, Turkey and other countries.
Sberbank CIB1 is the corporate and investment banking business of Sberbank. Its key areas of activity are corporate finance (including trade finance), the documentary business2, investment banking services, trade operations with securities, and private equity. Sberbank’s corporate and investment banking business provides integrated financial solutions and investment advisory services to its clients, which include major corporations, financial institutions, sovereign states and federal and sub-federal government bodies and organisations.