Bloomberg News

Sberbank Falls Most in Week on Ruble Drop, Supervisory Board

June 01, 2012

OAO Sberbank (SBRCY:US), Russia’s biggest lender, fell the most in more than a week as the ruble headed for the steepest two-week slump among global currencies tracked by Bloomberg.

Sberbank’s ordinary shares lost 3.7 percent to 78.75 rubles by the close in Moscow, the biggest decline since May 23.

A weaker ruble encourages Russians to withdraw and convert ruble deposits, Sberbank’s main source of funding. The ruble sank 0.6 percent to 33.68 per dollar by the close, declining for an eighth day.

“The ruble is upsetting everyone,” Vladimir Sergievskiy, an analyst at Finam Investment Co., said by phone, referring to Sberbank’s shares. “This is a sharp and unexpected drop.”

Sberbank extended losses after shareholders did not elect Deputy Finance Minister and head of the minority shareholder communication committee Alexei Savatyugin to the new supervisory board.

The new 17-member board includes Ronald Freeman, who sits on Troika Dialog’s board of directors, and Dmitry Tulin, Sberbank said today in an e-mailed statement.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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Companies Mentioned

  • SBRCY
    (Sberbank of Russia)
    • $6.14 USD
    • -0.50
    • -8.21%
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