Investors May Sell Turkey Banks to Switch to Sberbank, VTB Says
Investors may cut their position in Turkish banks to subscribe to the expected sale of Sberbank shares by the Russian government, VTB Capital said in a note.
Foreign institutional ownership in Turkish banks’ listed shares has recently increased to “historical highs” and “some of these past inflows could prefer to take profits and switch to Sberbank, which is at a discount of almost 50 percent to its Turkish peer,” VTB Capital analysts including Mikhail Shlemov and Akin Tuzun, wrote in an e-mailed note today.
Russia will decide on selling a stake in Sberbank, the country’s biggest lender, on Sept. 13, two people with knowledge of the matter said yesterday.
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