Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Sberbank, VTB Surge as European Leaders Ease Bank Debt Rules

Don't Miss Out —
Follow us on:

June 29 (Bloomberg) -- OAO Sberbank and VTB Group, Russia’s biggest lenders, rallied after European leaders agreed to ease repayment rules for the region’s troubled lenders.

VTB gained 6 percent to 5.71 kopeks by the close in Moscow, the biggest jump since October 2010. Sberbank rose 4.4 percent to 86.39 rubles, the most since May 29.

Financial shares climbed after European Union President Herman Van Rompuy said leaders of the 17 euro countries dropped the requirement that governments get preferred creditor status on crisis loans to Spain’s banks. MSCI Inc.’s Russia Finance Index added 6.9 percent to 551.31, the biggest jump since Nov. 30.

“The financial sector is outperforming today,” Farhan Kazmi, the head of emerging-market equities at Credit Suisse Group AG in Moscow, said by phone. “Markets, such as Russia, follow the lead of what’s going on in the Eurozone in absence of the domestic newsflow. The European decision is not a game changer, but it buys time.”

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.