💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Sberbank to seek investors in U.S.

Published 04/25/2011, 05:47 AM
Updated 04/25/2011, 05:48 AM

* CEO Gref to visit United States this week

* Russia to sell 7.6 pct stake later this year or in 2012

MOSCOW, April 25 (Reuters) - Sberbank, Russia's largest lender, is sending its chief executive to the United States to court investors ahead of a privatisation expected to start later this year, the bank said on Monday.

Russia plans to cut its stakes in major state-owned companies, including banks, in a 1 trillion rouble ($33 billion) privatisaition drive over three years, aiming to improve corporate governance and plug the budget deficit.

Sberbank, with a current market capitalisation of around $83 billion, said chief executive German Gref and other top managers were visiting the United States this week to meet the largest equity funds, banks and companies.

"First of all we are interested in potential investors for our shares. We can make a profit, we are exceeding analysts' expectations," Gref said in statement.

Sberbank, which made a 2010 net profit of 182 billion roubles, aims to earn 230-250 billion this year.

"Investors, connected to the Russian capital market, have already bought us. Now we are targeting international markets for those who did not buy us earlier," Gref said.

By the end of April, Sberbank has promised to pick a bank for its depositary receipts programme, seen as part of Russia's move to sell 7.6 percent of the lender later this year or in 2012.

VTB, Russia's second biggest lender, raised $3.3 billion earlier this year, selling a government stake of 10 percent on the open market. (Reporting by Katya Golubkova; Editing by Dan Lalor) ($1 = 29.91 roubles)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.