By Andrei Skvarsky.
Sberbank CIB, a unit of Russia’s biggest lender Sberbank and a former division of Moscow brokerage Troika Dialog, has opened short-term credit lines to a total of 50bn rubles ($1.62bn) for Russian railways monopoly RZD.
The loan aims to “allow [RZD] to alleviate its short-term financing needs with the goal of more effectively managing its liquidity”, a statement from Sberbank quoted Alexey Grenkov, a senior officer in the bank’s service for principal clients, as saying.
The statement said RZD would have “access to the funds on the day of request after approval of the essential terms according to the Reuters Dealing system”.
Sberbank CIB is one the former units of Troika that have had “Troika” replaced with “Sberbank” in their names in the ongoing merger of the two firms designed to give Sberbank access to the investment banking market.