Bloomberg News

Sberbank Jumps Most in More Than a Month as Ruble Rises

April 03, 2012

OAO Sberbank (SBER03), Russia’s largest bank, climbed for a third day as the ruble rose against the U.S. currency.

The stock advanced 2.9 percent to 97.92 rubles by the close in Moscow, the biggest one-day gain since Feb. 24.

The ruble strengthened for a third day, appreciating 0.7 percent to 29.1550 per dollar. A stronger ruble discourages Russians from withdrawing and converting ruble deposits, Sberbank’s main source of funding.

VTB Group, Russia’s second-largest bank, also increased a third day, adding 2 percent to 6.969 kopeks.

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

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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