Bloomberg News

Sberbank Carefully Watching Turkey, Poland for Takeover Targets

November 30, 2011

Nov. 30 (Bloomberg) -- OAO Sberbank, Russia’s biggest lender, is “carefully watching” potential takeover targets in Turkey and Poland, according to Chief Financial Officer Anton Karamzin.

“We are carefully watching Turkish and Polish markets for any opportunities that may arise, but we are in not in any hurry,” Karamzin told analysts in a conference call today.

The bank has “a long-term” view for expanding in eastern Europe following its bid to buy Oesterreichische Volksbanken AG’s assets in the region, he said adding that “it will take one to two years to clean up and integrate issues there.”

“There are very excited people coming up to us and saying that because we are Russian and we have money that we may want to buy big names in Europe,” the CFO said. “We are not going to be tempted.”

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Zoe Schneeweiss at zschneeweiss@bloomberg.net


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