Sberbank of Russia Supports SKOLKOVO Development
Moscow, Russia, October 26, 2008 --(PR.com)-- Moscow School of Management SKOLKOVO and Sberbank of Russia signed an agreement on granting SKOLKOVO a construction and development credit worth $245 million for the term of 10 years.
Moscow School of Management SKOLKOVO is a unique project of creating a new generation business school in Russia from scratch, which started in 2006 on the base of private-governmental partnership within the framework of the Education National Priority Project. The initiative of creating SKOLKOVO belongs to the representatives of Russian as well as international business. SKOLKOVO is financed by private investors; the project does not use governmental budget resources. The SKOLKOVO creation investment volume is estimated as $500 million.
The main directions of the SKOLKOVO initiative will be the implementation of MBA, Executive MBA, and Executive Education programmes. SKOLKOVO’s main objective is the formation of business leaders and entrepreneurs, who will use their professional knowledge in dynamic market environment, such as Russia, India, and China.
Currently, the school campus is being constructed in the Odintsovo district of the Moscow region. Despite that the construction has not been complete yet, the school already carries out short-term Executive Education programmes and runs enrollment for the Executive MBA programme that is due to start in January 2009. The campus opening is scheduled for the autumn of 2009. SKOLKOVO will be the first school in Russia to offer full-time MBA education (with a full-time educational cycle 16 month long).
The credit was already part of the school’s financial model back in 2006. The credit arrangements project had been discussed for a year and was approved by The Sberbank of Russia Credit Committee and the Founding Partners of the school.
Mr. Herman Gref, President and Chief Executive Officer of Sberbank stated: “For Sberbank the granting of a credit to the Moscow School of Management SKOLKOVO – is one of the steps aimed at supporting long-term strategic projects which are important for the country’s future. We are carrying out the agreements that have been reached before. We are sure that SKOLKOVO will play its part in the formation of new managers and business leaders ready to work on rapidly changing markets. Today it is obvious how important these skills and this experience is – important not only for our country, but also for world economy.”
“This is a hard time for the world economy. The fact that we have signed a credit arrangement with the biggest bank of Russia, an arrangement that has been discussed for a year, this fact proves that agreements previously discussed are not broken, even in the unstable circumstances of our country”, - said Wilfried Vanhonacker, Dean of SKOLKOVO.
“For SKOLKOVO, the credit arrangement with the Sberbank of Russia – is a big responsibility, but it is also another proof of the financial effectiveness of the school, - said Andrei Volkov, Dean of SKOLKOVO. - The credit will be returned by means of the main school programs, and the constructing campus resources, and also by means of attracting new partners to this project. The total income of SKOLKOVO for less than 1.5 years of the Executive Education programmes reached $5 million, which fully corresponds with the financial model and the business plan of the school. We are sure that we will be able to return the credit in time”, - concluded Andrei Volkov.
Sberbank
The biggest bank of Russia, Central and Eastern Europe, which holds about 30% Russian bank system assets, the main creditor of the national economy. The founder and the chief stockholder of Sberbank is The Central Bank of the Russian Federation (more than 60% of voting stocks). The bank has more than 200 thousand stockholders – natural and legal persons. The bank has the most expanded branch network in Russia: 17 territorial banks, more than 20 thousand branches and internal structural divisions, and bank subsidiaries in Kazakhstan and Ukraine.
Bank of Russia General License on Banking Operations 1481
The Moscow School of Management SKOLKOVO is a joint project by major Russian and International business leaders. SKOLKOVO is a dynamically developing international business school with a vision based on a unique mix of three dimensions: entrepreneurial leadership, emerging markets and experiential learning.
Being realized in partnership with the government of the Russian Federation, SKOLKOVO is a part of the national priority projects programme, funded exclusively by private business. Dmitry Medvedev, the President of the Russian Federation is the Chairman of the SKOLKOVO International Advisory Board.
Since 2006 SKOLKOVO holds short term Executive Education programmes for senior executives and middle managers. Full-time MBA and Executive MBA will be open in 2009, admission for both programmes starts in autumn-2008.
Campus construction will be completed in 2009.
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Moscow School of Management SKOLKOVO is a unique project of creating a new generation business school in Russia from scratch, which started in 2006 on the base of private-governmental partnership within the framework of the Education National Priority Project. The initiative of creating SKOLKOVO belongs to the representatives of Russian as well as international business. SKOLKOVO is financed by private investors; the project does not use governmental budget resources. The SKOLKOVO creation investment volume is estimated as $500 million.
The main directions of the SKOLKOVO initiative will be the implementation of MBA, Executive MBA, and Executive Education programmes. SKOLKOVO’s main objective is the formation of business leaders and entrepreneurs, who will use their professional knowledge in dynamic market environment, such as Russia, India, and China.
Currently, the school campus is being constructed in the Odintsovo district of the Moscow region. Despite that the construction has not been complete yet, the school already carries out short-term Executive Education programmes and runs enrollment for the Executive MBA programme that is due to start in January 2009. The campus opening is scheduled for the autumn of 2009. SKOLKOVO will be the first school in Russia to offer full-time MBA education (with a full-time educational cycle 16 month long).
The credit was already part of the school’s financial model back in 2006. The credit arrangements project had been discussed for a year and was approved by The Sberbank of Russia Credit Committee and the Founding Partners of the school.
Mr. Herman Gref, President and Chief Executive Officer of Sberbank stated: “For Sberbank the granting of a credit to the Moscow School of Management SKOLKOVO – is one of the steps aimed at supporting long-term strategic projects which are important for the country’s future. We are carrying out the agreements that have been reached before. We are sure that SKOLKOVO will play its part in the formation of new managers and business leaders ready to work on rapidly changing markets. Today it is obvious how important these skills and this experience is – important not only for our country, but also for world economy.”
“This is a hard time for the world economy. The fact that we have signed a credit arrangement with the biggest bank of Russia, an arrangement that has been discussed for a year, this fact proves that agreements previously discussed are not broken, even in the unstable circumstances of our country”, - said Wilfried Vanhonacker, Dean of SKOLKOVO.
“For SKOLKOVO, the credit arrangement with the Sberbank of Russia – is a big responsibility, but it is also another proof of the financial effectiveness of the school, - said Andrei Volkov, Dean of SKOLKOVO. - The credit will be returned by means of the main school programs, and the constructing campus resources, and also by means of attracting new partners to this project. The total income of SKOLKOVO for less than 1.5 years of the Executive Education programmes reached $5 million, which fully corresponds with the financial model and the business plan of the school. We are sure that we will be able to return the credit in time”, - concluded Andrei Volkov.
Sberbank
The biggest bank of Russia, Central and Eastern Europe, which holds about 30% Russian bank system assets, the main creditor of the national economy. The founder and the chief stockholder of Sberbank is The Central Bank of the Russian Federation (more than 60% of voting stocks). The bank has more than 200 thousand stockholders – natural and legal persons. The bank has the most expanded branch network in Russia: 17 territorial banks, more than 20 thousand branches and internal structural divisions, and bank subsidiaries in Kazakhstan and Ukraine.
Bank of Russia General License on Banking Operations 1481
The Moscow School of Management SKOLKOVO is a joint project by major Russian and International business leaders. SKOLKOVO is a dynamically developing international business school with a vision based on a unique mix of three dimensions: entrepreneurial leadership, emerging markets and experiential learning.
Being realized in partnership with the government of the Russian Federation, SKOLKOVO is a part of the national priority projects programme, funded exclusively by private business. Dmitry Medvedev, the President of the Russian Federation is the Chairman of the SKOLKOVO International Advisory Board.
Since 2006 SKOLKOVO holds short term Executive Education programmes for senior executives and middle managers. Full-time MBA and Executive MBA will be open in 2009, admission for both programmes starts in autumn-2008.
Campus construction will be completed in 2009.
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Contact
Moscow School of Management SKOLKOVO
Elena Morenko
+74955803003
www.skolkovo.ru
Elena Morenko
+74955803003
www.skolkovo.ru
Contact
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