Source Pravda.Ru

In first two quarters of the year Sberbank depositaries received 10.5 tons of gold and 11 tons of silver

In the eight months of this year the Savings Bank of Russia (Sberbank) signed over 150 purchase and sale agreements with raw materials producers in 17 Russian gold-mining regions which stipulate for the delivery of 10.5 tons of gold and 11 tons of silver, Sberbank's press-service informed RIA Novosti on Monday.

For the purposes of all-year-round precious metals deliveries under the purchase and sale agreements with raw materials producers, Sberbank cooperates actively with gold-mining works in natural deposits and grants long-term (2 to 5 years) financial resources to promising gold-mining works. Signing precious metals purchase and sale agreements for a period of over a year has become customary.

Sberbank has recently launched a system of non-personal metal-related accounts for the purpose of conducting non-cash operations with precious metals on behalf of corporate clients of Sberbank of Russia as well as commercial banks and natural persons. The application and development of the system of non-personal metal-related accounts contributes to the further increasing of the bank's share in the precious metals market. Particularly, there is a chance of turning it into an important instrument of investing funds received from natural persons and legal entities.

In 2002 Sberbank of Russia has successfully developed operations in the retail precious metals market as well. It sold bullions and coins to natural and juridical persons. Since the beginning of the year Sberbank of Russia sold over 400 kilograms of gold bullions and over 170,000 coins made of precious metals. The volume of cashed precious metals amounted to 4 tons.

Sberbank pays particular attention to widening commercial contacts with enterprises specializing in jewelry business. Sberbank of Russia is to take part in the 44th Moscow International Jewelry and Watch Exhibition "Jeweler 2002", which is scheduled to take place on September 3-9 on the premises of the Sokolniki exhibition center.

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