Russian banks acquired 156 metric tons of gold under contracts last year, while four lenders accounted for 68 percent of these purchases, the country’s Gold Producers’ Union said in a report today.
OAO Sberbank (SBER) increased gold purchases 14 percent to 38.6 tons. Nomos Bank, controlled by shareholders of Polymetal International Plc (POLY), cut purchases 13 percent to 24.5 tons. VTB Group purchased 22 tons of gold, a 35 percent increase from a year earlier. Gazprombank boosted purchases 4 percent to 21.6 tons, according to data compiled by the Union.
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