Bloomberg News

Sberbank, VTB Downgraded at UralSib on Forecast for Bad Loans

April 07, 2009

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.

To contact the reporter on this story: William Mauldin in Moscow at wmauldin1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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