Bloomberg News

Sberbank Jumps Most in More Than a Week as Ruble Strengthens

April 11, 2012

OAO Sberbank (SBER03), Russia’s largest lender, jumped by the most in more than a week as the ruble gained against the dollar.

The stock advanced as much as 1.6 percent, the biggest rise since April 3, and traded 1.3 percent higher at 96.81 rubles in Moscow.

The ruble strengthened for the first time in four days, appreciating 0.4 percent to 29.6358 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, adding 0.5 percent to 6.715 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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