From Russia without love

17 September 2012 By George Hay Follow @gfhay

Russia’s largest lender is selling 7.6 pct of its shares to new investors. A more diversified shareholder base would fit with the bank’s new international presence. Throw in a massive domestic market share, and Sberbank merits more than being lumped in with unloved Russian peers.

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Sberbank on Sept. 17 launched a process to sell 7.6 percent of its shares, currently held by the Russian central bank.
Russia’s biggest bank will offer both ordinary shares and global depository shares, which each represent four ordinary shares.
The price range will be between 91 roubles and the market price at the time of closing of the books.
LLC Sberbank Investments, a Sberbank subsidiary, may acquire up to 20 billion roubles of ordinary shares in the offering on the same terms as other investors.
Sberbank shares fell 1.5 percent to 95.6 roubles on Sept. 17.

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