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OAO Sberbank and VTB Group, Russia’s biggest banks, were cut to “hold” from “speculative buy” at UralSib Financial Corp., citing “aggressive growth” in non- performing loans.
Loans in or near default may make up 9 percent of corporate loans and 12 percent of retail loans by the end of the year, UralSib analyst Leonid Slipchenko and Natalya Mayorova in Moscow wrote in a note today.
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