Sberbank extremely desires to get the status of an international bank

16.02.2012 Perhaps one of the most famous for the Russian citizen banks - Sberbank - yesterday, 15 February 2012 closed the largest deal to purchase 100% shares of Volksbank International AG (VBI).

The signing of the relevant purchase and sale agreement between these credit institutions was held on the 8th of September 2011. During the time period between signing and closing of the transaction shareholders of Volksbank International AG increased the bank's capital to cover losses resulting from the first three quarters of 2011. Also, the purchase price has been reduced - from 585 to 505 mln. euro.

Such a transaction didn’t cover VB Romania as well as VBI subsidiary bank in Romania. This purchase of Sberbank – is a major step towards achieving the status of the leading international bank.

The Chairman of the VBI Friedhelm Boshert expressed his satisfaction with the closing of the transaction: "I am very pleased that after more than 20 years of work in the Central and Eastern Europe we are opening a new page in the history of success with the support of the Sberbank as a new powerful shareholder."

Expert’s opinion

“The state SB breaks to the European space. If we recall that on 14 February Burykina Natalia gave a presentation at the meeting of the State Duma of the Russian Federation committee on the financial market on the draft of the Federal Law № 476130-5 "On Amending Article 14 of the Federal Law "On insurance of the individuals’ deposits in the Russian Banks Federation" (with regard to the possibility of opening bank accounts of the Agency on Deposit Insurance) - that is, in principle, the ADI has already a bank and the most logical would be to invest abroad. (http://hbcomp.ru/about/news_and_mailings/news_jurisdictions/2951/ ).

If we consider that today the defense of the Austrian bank secrecy is guaranteed at the level of the country's constitution - there is a very interesting situation: a huge state Bank of Russia may freely open accounts for public institutions in Russia (not all yet) with large financial assets, and such accounts are the most protected from the encroachment of all the countries, governments and organizations. In general, the scope is striking and pleasing at the same time!

Instead of quietly doing "circuitry" and the withdrawal of funds abroad - just went and bought a core bank in the bud! And the legislation is changing towards for free movement of funds abroad!

Globalism is not just coming - it is our reality, we live in it! Hat off before the person who has so scale thinking and came up with such an idea. I guess whether this plan was created by Kudrin? Well, let’s watch for the development of the intrigue!”

On the basis: www.sbrf.ru

Lomakin Yaroslav ( managing partner of Honest&Bright)