Bloomberg News

Sberbank’s Zlatkis Denies Bank of Moscow Affected Stake Sale

October 20, 2011

Oct. 20 (Bloomberg) -- OAO Sberbank Deputy Chief Executive Officer Bella Zlatkis said Russia’s decision to postpone the sale of a 7.6 percent stake in the lender wasn’t provoked by the disclosure of bad loans at OAO Bank of Moscow.

“Rescheduling Sberbank’s privatization is not related to problems of the Bank of Moscow,” Zlatkis said in an e-mailed statement from Russia’s biggest lender today.

Sberbank said its statement aimed to “elaborate” on previous reports. RIA Novosti news agency cited Zlatkis on Oct. 19 as saying that potential Sberbank investors were concerned that Russian regulators had missed “holes” in Bank of Moscow’s balance sheet, helping derail the Sberbank privatization.

“We don’t consider that banking control is insufficient or of bad quality,” Zlatkis said in today’s statement. “We welcome cleaning of Russian banking system, because it increases trust to the banks. Nevertheless, I would like to note that any problems of banks that operate in the public sector affect Russia’s banking system and raise questions among investors.”

Bank of Moscow, the recipient of the nation’s largest-ever bailout, and Sberbank are separate entities.

--Editors: Keith Campbell, Steve Bailey.

To contact the reporter on this story: Marina Sysoyeva in Moscow msysoyeva@bloomberg.net

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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