Sberbank: Approached By Turkey's Garanti For Bid On GE Stake
09 Marzo 2010 - 5:03AM
Noticias Dow Jones
OAO Sberbank (SBER.RS) has been invited by bankers to bid for
General Electric Co.'s (GE) 20.85% stake in Turkey's Garanti
Bankasi AS (GARN.IS), an official at the Russian lender said
Tuesday.
"We also received an invitation to place a bid for this stake...
but I don't see that we're going to participate," the official
said, speaking on condition of anonymity in line with the bank's
policy. "At the moment we haven't made a decision," he said, adding
that Sberbank would likely achieve a better return on investment in
Russia.
However, Sberbank could potentially end up bidding for the
Garanti stake to gain insight into the Turkish banking sector and
its practises, the official said.
Spain's Banco Santander SA (STD) and Italy's Intesa Sanpaolo SpA
(ISP.MI) are also reportedly interested in the stake, according to
news reports.
In a statement, Sberbank Deputy Chief Executive Anton Karamzin
declined to comment on the transaction.
Company Web site: www.sberbank.ru
-By Will Bland and William Mauldin, Dow Jones Newswires; +7 495
232-9192; william.bland@dowjones.com
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