Bloomberg News

Sberbank Seeks to Sell All Non-Core Assets by 2012

April 16, 2010

OAO Sberbank, Russia’s biggest lender, seeks to sell all its non-core assets, oil and gas assets and real-estate picked up during the credit crisis by 2012, Chairman German Gref told reporters in Moscow today.

“If we are able to sell all the real estate by the end of next year, it’ll be a good result,” Gref said, adding that the lender continues to receive new real estate as collateral for loans in default. Sberbank is in “active talks” on selling enterprises, including oil and gas assets, he said.

Sberbank is negotiating the sale of its stake in OAO Izhavto, a Russian automaker that assembles cars for Kia Motors Corp., and OAO AvtoVAZ, Alexander Morozov, a member of the bank’s board, said today. He declined to provide details.

Russia, the world’s biggest energy exporter, had a record economic contraction of 7.9 percent in 2009, the hardest year since Russia’s 1998 financial crisis, according to President Dmitry Medvedev. Higher commodities prices and reviving domestic demand is set to restart growth, which may reach as much as 4.5 percent this year, according to Deputy Economy Minister Andrei Klepach.

To contact the reporter on this story: Maria Levitov in Moscow at mlevitov@bloomberg.net

To contact the editor responsible for this story: Chris Kirkham at ckirkham@bloomberg.net


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