Sberbank steps into investment fund with Credit Suisse
Sberbank will make its investment banking debut in setting up a $1 billion investmentfundwithCreditSuisse by the end of 2011.
- Sberbank`s President, Herman Gref, told Bloomberg, in an interview that "this is an important step in attracting direct investmentinto Russia", adding that "this will be the first important business in direct private investment for the bank."
According to Gref, the parties will invest $100 million each, with the fund not being limited to any particular industry.He added that Sberbank will be responsible for indicating investment opportunities, while CreditSuisse will focus on attracting money and managing investment risks.
However, Kirill Rogachev, an analyst from Renaissance Capital, told Vedomosti on Tuesday the news wouldn`t have too much effect onthe state bank, as the planned initial installment of $100 million makes up just for 0.3% of Sberbank`s capital.