1 Jun 2010 17:08

Sberbank awaits

YEKATERINBURG. June 1 (Interfax) - Sberbank Russia has not dropped plans to issue Global Depositary Receipts (GDR) in 2010, but is waiting for the market to improve, Deputy CEO Anton Karamzin told Interfax.

"We hoped that this could be done this year. Those plans have been retained. We believe that the existence of the [GDR] program is a positive step," he said.

Karamzin did not specify the timeframe for the issue, citing high volatility on the market.

"It's another matter what's taking place on the market: the stocks of all the companies in the world are jumping up and down based on what is happening in Europe or the overall global macroeconomic situation. No one is going to give a precise forecast, when [the issue] might happen. We are fairly patient. Good steps are taken at the best time, and we will choose our moment. We would prefer it to be this year, but the market situation is an objective fact and it's out of our control," Karamzin said.

In early April President and CEO German Gref told journalists that the Sberbank board would most likely examine the GDR issue in the second half of 2010.