Sberbank of Russia and SVB Financial Group (SIVB: Quote), parent company of Silicon Valley Bank, of the United States have signed a Memorandum of Understanding or MoU establishing a formal relationship between Sberbank and SVB. The terms of the MOU were not disclosed.
The signing of the MoU was to promote venture financing in Russia and help support an emerging and vibrant entrepreneurial economy.
This cooperation envisages development and implementation of joint marketing programs and events for Russian startups based on programs developed by SVB, provision of services both to Russian startups to enter the American market, and to American funds and portfolio companies to operate in the Russian market.
Other activities of the relationship will include the servicing and support of Russia-focused venture funds, development of a venture financing industry including regular high-level consultations.
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by RTT Staff Writer
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