Sberbank leads way for more Russian investors

ISTANBUL - Anatolia News Agency

The Mariinsky Theatre Orchestra conducted by Valery Gergiev stages a concert at a Dec 3 ceremony in Istanbul to mark Sberbank’s Denizbank acquisition.

The Mariinsky Theatre Orchestra conducted by Valery Gergiev stages a concert at a Dec 3 ceremony in Istanbul to mark Sberbank’s Denizbank acquisition.

Four or five of Russia’s largest companies are prepared to invest in Turkey, Russian banking giant Sberbank’s chief executive officer and chairman told Anatolia news agency yesterday.

Russian investors were further encouraged by Sberbank’s acquisition of the local lender Denizbank, Herman Gref said, adding that “[investors] include energy, food and construction companies.” Rosatom and Lukoil’s presence in Turkey had also set a good example for potential Russian investors, he said.
Sberbank acquired Denizbank in early June for $3.5 billion and in September a final agreement on the acquisition of a 99.85 percent stake of the local lender was signed.

Denizbank shares will not be offered to the public, Gref said. Yet the 50 percent share of Sberbank owned by the Russian Central Bank should be reduced to 25 percent via public offerings, he said.
Denizbank’s name will not be changed, but the matter is a subject that may be reconsidered a few years down the road, Gref said.

Sberbank and Turkish Export-Import (Exim) Bank have undersigned a $1 billion financing deal to boost bilateral trade between Turkey and Russia.

The memorandum of understanding inked Dec. 3 by Gref and Turkish Eximbank General Manager Hayrettin Kaplan will grease the wheels for Turkey’s exports toward buyers in Russia or third countries in the next three years. Turkey’s Exim Bank may increase the financing support in case demand exceeds $1 billion.

The Russian banking giant also reached an agreement with Turkey’s Investment Support and Promotion Agency of Turkey (ISPAT) to increase investment cooperation and environment in both countries.

“Russia and Turkey are in a strategic partnership within the scope of increasing international trade flows and mutual investment projects,” said Gref commenting on the deal.

“Considering Denizbank’s recent acquisition by Sberbak Group, we aim to expand the financing of activities between companies, which are active in Russia and Turkey,” he said.

Signing a memorandum of understanding with ISPAT will strengthen Sberbank’s presence in Turkey, Gref said.