Bloomberg News

Sberbank Scraps Plan to Buy Kazakhstan’s BTA Bank, CEO Gref Says

November 30, 2011

Nov. 30 (Bloomberg) -- OAO Sberbank scrapped a plan to buy BTA Bank, Kazakhstan’s biggest before its default in 2009, said German Gref, chief executive officer at Russia’s largest lender.

“For now we don’t see an opportunity to acquire this bank,” Gref told reporters today in the Kazakh capital, Astana. “There’s a set of reasons for it. Primarily it’s linked to how we see our strategy on the Kazakh market.”

--Editor: Paul Abelsky

To contact the reporter on this story: Svetlana Antoncheva in Astana at santoncheva1@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net


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