Sberbank no longer plans major borrowing in 2012
MOSCOW. Oct 24 (Interfax) - Top Russian Sberbank no longer plans to raise major loans before the end of this year, the bank's deputy CEO Anton Karamzin told journalists on Wednesday on the sidelines of the bank's business breakfast on Wednesday.
"We don't plan to raise serious funds this year. We've implemented the borrowing plan for this year," Karamzin said.
He added that Sberbank's business plan for 2013 will be approved in December. He said that the increase in borrowing next year will be proportional to growth in Sberbank's loan portfolio.
Sberbank recently registered a new Eurobond program worth $30 billion. Karamzin said that this program will replace the previous program, which has been in operation for many years and soon comes to an end.
It was earlier reported that Sberbank might place Eurocommercial Papers (ECP) by year's end.