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Sberbank could raise $6-7 billion by issuing global depository receipts (GDRs)
Sberbank could raise $6-7 billion by issuing global depository receipts (GDRs) in 2008, the Russian savings bank's deputy chairman said on Monday.

Bella Zlatkis said in a conference call that the bank had no plans to increase its equity capital under the program.

"Shareholders' securities will be the source of the placement. We know shareholders who will be delighted to participate in the program," she said.

The executive also that Sberbank could borrow $3-4 billion from foreign sources.

"We adopted our business plan at the end of December in accordance with which deposits will grow 30-40% and we will raise $3-4 billion on international financial markets," she said.

The bank said last Friday that net profit for the first nine months of 2007 according to IFRS accounting standards reached 69.9 billion rubles ($2.8 billion), up 22% year on year.

Sberbank is now the largest bank in Eastern Europe with assets totaling over 3.5 trillion rubles ($141 billion), or more than 25% of Russia's overall banking assets. In late November, Sberbank shareholders elected former economic minister German Gref as the savings bank CEO.


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