Sberbank heads to US to find investors

THE CHIEF executive of Russia’s largest lender, Sberbank, is to tour the United States this week to court potential investors ahead of a privatisation expected to start later this year.

Herman Gref and other top managers are visiting the US this week to meet the largest fund managers and institutions.

The state-owned lender, which has a market capitalisation of around $83bn (£50bn), will begin to sell down the government’s stake later this year.

Moscow plans to cut its stakes in major state-owned firms, including banks, in a 1 trillion rouble (£21bn) privatisation drive over three years.

Gref said: “First of all we are interested in potential investors for our shares. We can make a profit, we are exceeding analysts’ expectations.”