Business & Finance
Sberbank eyes approval for depository receipts
MOSCOW : Russia's biggest lender Sberbank expects to gain permission to issue depositary receipts for 25 percent of its
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MOSCOW: Russia's biggest lender Sberbank expects to gain permission to issue depositary receipts for 25 percent of its shares on June 14, the bank's deputy chief executive officer told Reuters on Friday.
"They promised that they will grant (the permission) on June 14," Bella Zlatkis said, referring to Russia's stock exchange watchdog.
Sberbank filed an application in late May to transfer 25 percent of its shares into depositary receipts on the London and Frankfurt exchanges.
The Russian government aims to raise 1 trillion roubles ($35.6 billion) from the sale of state assets to plug a deficit in the budget and increase the efficiency of companies and banks established in the Soviet era.
Copyright Reuters, 2011
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