Sberbank buys 5.6% of RTS voting stock
2011-02-25 17:18:08
Russia's top lender Sberbank has bought 8.99 million ordinary shares, or a 5.6% stake in the country's second largest stock exchange RTS, the bank said on Friday.
"Sberbank considers this purchase as a long-term promising investment, which will rise in value strongly with time," the bank said.
Sberbank did not disclose the seller. Earlier this week Deutsche Bank sold its 2.46% share in the RTS to Quim Enterprises Limited and a 6.45% stake to Renaissance Securities (Cyprus) Limited.
Sberbank owns a 7.5% share in the rival MICEX bourse, which conducts about 70% of Russian share trade and hard currency and debt trading. Sberbank Deputy Chairman Bella Zlatkis said the purchase of the stake in the RTS would help the bank exert a direct influence on the formation of the new trading infrastructure.
The RTS and the MICEX agreed to merge at the beginning of February, with the deal likely to be closed by the end of 2011. Under the agreement, the MICEX is to buy RTS shares from stakeholders.
RTS shareholders will receive 35% of their share value in cash and 65% as stakes in the newly merged exchange.