Swarco and Russian bank sign MOU

Russian banking and financial services company Sberbank and Austrian road construction and traffic management company Swarco have signed a Memorandum of Understanding aimed at ‘participation in joint initiatives and the cultivation of mutually profitable cooperation between the two parties as well as their subsidiary structures and groups’. The signing ceremony was held during the St Petersburg International Economic Forum. “The bank intends to actively develop the cooperation with the company in orde
June 20, 2016 Read time: 1 min
Russian banking and financial services company Sberbank and Austrian road construction and traffic management company 129 Swarco have signed a Memorandum of Understanding aimed at ‘participation in joint initiatives and the cultivation of mutually profitable cooperation between the two parties as well as their subsidiary structures and groups’.

The signing ceremony was held during the St Petersburg International Economic Forum.

“The bank intends to actively develop the cooperation with the company in order to modernise the transport infrastructure management system in the Russian regions, in particular such systems as Smart City. The company considers the possibility to organize an industrial production of the management systems and the correspondent software on the Russian territory”, Sberbank deputy chairman Svetlana Sagaydak said.

He said the bank is also ready to consider supporting projects of concern to Swarovski, which includes Swarco, including funding the supply of equipment and production development in Russia.
Urban Traffic Control

For more information on companies in this article

Related Content

  • Outlook good for transportation technology funding
    January 25, 2012
    Chris Cheever and Chris Thomas of Fontinalis Partners discuss the funding outlook for the ITS industry – where the money’s going to come from, and what needs to happen to facilitate change
    Read More
  • Indra leads Spanish RDI Mobility 2030 project
    April 21, 2021
    Project seeks to integrate autonomous vehicles into Mobility as a Service solutions
    Read More
  • Public transport ITS market in Europe and North America to grow 7 per cent by 2020
    January 3, 2017
    The latest research from Berg Insight indicates that the market for intelligent transport systems (ITS) in public transport operations in Europe was US$1.4 billion (€1.35 billion) in 2015. Growing at a compound annual growth rate (CAGR) of 7.2 per cent, it is expected to reach US$2 billion (€1.91 billion) by 2020. The North American market for public transport ITS is similarly forecast to grow at a CAGR of 8.1 per cent from US$0.6 billion (€0.59 billion) in 2015 to reach US$0.9 billion (€0.87 billion) in
    Read More
  • Teleste subsidiary to supply real-time passenger information displays to Swarco, Sweden
    October 14, 2016
    Teleste subsidiary Mitron, Finland, which manufactures passenger information systems, has signed a framework agreement with Swarco Sweden to supply passenger display equipment for the Swedish Transport Administration. The agreement is valued at around US$2.6 million (€2 million) and covers the delivery of RGB-LED real-time passenger information displays for Swedish train stations. The display equipment is designed to be used in demanding weather conditions. The agreement is a continuation of the long
    Read More

Highlighted Content