KPMG, Sberbank Agree on Counterpart Financing at Kazan Summit 2017

Baku, Fineko/abc.az. On May 19, a business breakfast of Sberbank and KPMG on “Counterpart Financing: #NewReality” was held in Kazan within the framework of “Russia-Islamic World: KazanSummit 2017”.

The moderators of the breakfast were Vugar Aliyev, Head of Financial Services at KPMG in Russia and the CIS, Managing Partner of KPMG in Azerbaijan, and Behnam Gurbanzada, Counsellor to the Deputy Chairman of the Board at PJSC Sberbank. The business breakfast was dedicated to the discussion of the prospects and triggers of the development of counterpart financing in Russia and the CIS countries.

Rustam Minnikhanov, President of the Republic of Tatarstan, Marat Kabaev, President of the International Association of Islamic Business, Oleg Ganeev, Deputy Chairman of the Board of Sberbank, Khalid Al Janahi, Senior Advisor of the Dubai Islamic Economy Development Centre, Hamed Hasan Al Merah, General Director of Accounting and Auditing Organization for Islamic Financial Institutions, AAOIFI, Alexey Simanovsky, Counsellor to the Chairman of the Bank of Russia, and Dmitry Saveliev, RF State Duma Deputy of the 6th and 7th convocations and First Deputy Chairman of the Committee on Security and Counteracting Corruption of the State Duma delivered speech at the session.

Due to turbulence in the geopolitical sphere and in the world of finance, as well as certain crisis of confidence to the financial institutions, interest in counterpart financing is growing today. In Russia and the CIS countries, the issue of implementing counterpart financing is also of interest to traditional banks searching for sources of long-term funds. However, despite the well-formed client segment, this area cannot fully develop in accordance with the law. To introduce counterpart financing, which becomes a new reality of the financial sector, certain changes in the banking system and creation of necessary conditions for development are required. The purpose

of the business breakfast was to discuss these changes, existing prerequisites for them and further situation in this field in Russia and the CIS countries.

During the event, speakers highlighted all aspects of this topic: best practice in implementing counterpart financing, current situation in this field in Russia and Kazakhstan (activities of Sberbank working group, establishment of Tatarstan International Investment Company, counterpart financing of PPP projects and other projects related to export promotion) and issues of legislative regulation of counterpart financing products. The event ended with a discussion of the development prospects of counterpart financing, as well as in the context of various business segments, and Q&A session.

Originally published on www.abc.az