January 17 (SeeNews) - The Serbian unit of Russia's Sberbank and majority state-owned Telekom Serbia signed a memorandum of cooperation, Sberbank Serbia said on Thursday.
“The Memorandum stipulates that Sberbank and Telekom will achieve the goal of improving investments and business interests for both companies, as well as boosting the economies of Russia and Serbia through the exchange of information, identification of investment projects and opportunities and organisation of meetings of experts,” Telekom CEO Predrag Culibrk said.
The memorandum was preceded by the signing of a loan contract between Sberbank Serbia and the telco in December. Under the deal Sberbank Group provided 77 million euro in lending, of which Sberbank Serbia contributed 25 million euro.
The loan is intended to finance Telekom Serbia’s “Million+” campaign, through which the telco aims to reach more than 1 million multimedia and Internet users.
Telekom Serbia, which has branches in Bosnia and Montenegro, serves around 10 million users. The Serbian government owns a 58% stake in the company.
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