Bloomberg News

Sberbank Says It Spent $750 Million on Belarus Unit This Year

October 25, 2011

Oct. 25 (Bloomberg) -- OAO Sberbank has spent $750 million to boost resources of its Belarusian unit, BPS-Sberbank, this year, Vasili Matiushevsky, the subsidiary’s chairman, said at a press conference in Minsk today.

Moscow-based Sberbank owns 93.27 of the unit, the third- largest commercial lender in Belarus by assets. BPS-Sberbank had its credit grade cut to B- from B with a negative outlook by Standard & Poor’s on Oct. 3, a week after the rating service downgraded Belarus to the same level.

--Editors: Balazs Penz, Douglas Lytle

To contact the reporter on this story: Aliaksandr Kudrytski in Minsk, Belarus at akudrytski@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus