Sberbank launches crediting of systemic firms at 5% annually

MOSCOW, Apr 29 (PRIME) -- Russia’s top lender Sberbank is launching crediting of systemically important companies at a rate of 5% annually under a government program, the bank said in a statement on Wednesday.

“According to the rules… credits under the program will be issued for up to three years at a rate not exceeding 5%. The size of each credit is limited by monthly revenue of a borrower excluding monthly provision for depreciation and a monthly net profit, but no more than 3 billion rubles,” it said.

First Deputy CEO Alexander Vedyakhin said that first credits under the program will be issued in the next few days.

(74.5706 rubles – U.S. $1)

End