Sberbank of Russia Orders 12 Boeing 737-800s

Sberbank of Russia and its wholly owned subsidiary, Sberbank Leasing, have reached an agreement with Boeing for an order of 12 737-800s.

The airplanes are intended for operational leasing under Sberbank's contract with Transaero, one of Sberbank's key corporate customers.

Valued at more than $1 billion at current list prices, the deal will help lay the groundwork for developing an environment for finance and operational leasing of imported aircraft in Russia.

"The agreement that we have reached marks a very significant step forward and is evidence of Sberbank's commitment to aviation financing. It substantially contributes to the development of trade and economic relations between Russia and the U.S.," said Herman Gref, CEO and chairman of the board of Sberbank of Russia. "Sberbank will use our new 737-800s to give our corporate customers the best service available in the aircraft leasing industry."

Sberbank of Russia is one of the largest banks in Russia and the Commonwealth of Independent States. Sberbank Leasing, founded in 1993, is one of the leading leasing companies in Russia.