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Sberbank Jumps to 2-Month High on Retail Outlook, Stronger Ruble

Jan. 25 (Bloomberg) -- OAO Sberbank, Russia’s biggest lender, headed for its best close in almost two months as the ruble strengthened against the dollar and RIA Novosti said retail-lending growth will accelerate.

The shares, which have a 13 percent weighting in the 30-stock Micex Index, climbed as much as 3.4 percent and last traded 2.2 percent higher at 86.91 rubles as of 3:32 p.m. in Moscow, poised for their strongest level since Dec. 5.

Retail deposits will grow 20 percent this year after an 18.1 percent gain in 2011, state-run RIA reported, citing Sberbank department head Dmitry Oguryayev.

The Russian currency added 0.5 percent to 30.7074 versus the dollar today. A close that that price would be its best since Nov. 15. A stronger ruble discourages Russians from withdrawing and converting ruble deposits, Sberbank’s main source of funding.

-- Editors: Alex Nicholson, James Kraus

To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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