Sberbank CIB Postpones Moscow Investor Forum Over Ukraine UnrestJason Corcoran
Sberbank CIB, the investment banking unit of Russia’s largest lender, postponed its Moscow investor forum scheduled for April, citing a “lack of short-term visibility around the Ukraine situation.”
The meeting, in its seventh year, will be held in the autumn in the country, the bank said in an e-mailed statement today.
“Uncertain economic dynamics and elevated volatility” on markets as well as feedback from companies and investors also contributed to the decision, the company said.
Sberbank’s shares plunged 14 percent on March 3 after Russian President Vladimir Putin’s buildup of troops in Crimea led to the biggest sell-off in Russian stocks for more than five years. The company follows VTB Capital, the biggest Russian investment bank, which last week canceled its annual New York investor forum scheduled for April.
Sberbank’s forum last year attracted more than 2,200 people from 40 countries and featured speakers such Tony Blair, the former British prime minister, and Vaclav Klaus, former president of the Czech Republic, according to its website. The meeting is hosted jointly by Sberbank and Sberbank CIB, formerly known as Troika Dialog, Russia’s oldest brokerage.
The crisis in Ukraine has spurred the worst tension with the West since the end of the Cold War. Crimea’s residents will vote in a March 16 referendum about whether to join Russia.