Russia’s top state-owned bank VTB Bank will be privatized before Sberbank, Finance Minister Alexey Kudrin told the World Economic Forum in Davos. His remarks folled earlier comments by Sberbank CEO German Gref, who told the Davos audience that state banks should be privatized, starting with Sberbank. “The government has a budget with a deficit. Sberbank’s [...]

Sberbank said Wednesday that it intends to grow its retail loan portfolio by 6.8% in 2010 to RUB1.25 tn ($41.3 bn), thereby returning it to its pre-crisis levels.
Sberbank’s retail loan portfolio currently stands at about RUB1.17 tn, having contracted by some RUD87 bn in 2009 due to more restrictive lending practices and lower demand. In [...]

Beginning on February 1, Sberbank plans to offer troubled borrowers the opportunity to restructure their loans under a program provisionally called “Amnesty”. The program is expected to run until April 1, 2010. Previously, restructuring was only offered to borrowers in good standing. The “Amnesty” program will be available to borrowers who are able to document [...]

Kiev-based Pravex Bank, a unit of Intesa Sanpaolo [ISP IM] reported a FY 2009 Net Loss of UAH 710.8 mn, far steeper than its FY 2008 NL of UAH18.8 mn. Its 4Q 2009 NL came to UAH214.5 mn, following 3Q 2009 NL of UAH303.1 mn, 2Q 2009 NL of UAH151.5 mn, and 1Q 2009 NL [...]

Kiev-based Alfa-Bank (the Ukrainian banking unit of Russia’s Alfa-Group) reported a UAH348.41 mn FY 2009 Net Loss, versus FY 2008 NI of UAH 161.35 mn. Its 4Q 2009 NL came to UAH208.5 mn, following 3Q 2009 NI of UAH52.91 mn, 2Q 2009 NL of UAH31.38 mn, and 1Q 2009 NL of UAH161.44 mn. Its 4q [...]

Kenya’s Equity Bank and UAP Insurance are launching an insurance scheme to cover the losses of livestock farmers in northern Kenya, whose herds face the risk of starvation due to poor weather condition. The insurance program will use satellite images to predict drought. The index-based product will initially be offered to herders of camels, cows, goats and sheep in Kenya’s drought-prone Marsabit district. If satellite images indicate that a lack of rainfall has seriously damaged vegetation in their region, putting livestock at risk of hunger or thirst, farmers may receive compensation.

South Korea’s government said it is considering the sale of more shares of Woori Finance Holdings, the country’s third-largest financial company. Woori Finance Holdings may be among potential investors in Korea considering Hanmi Financial Corp [HAFC US] as an acquisition target.

Bank of China revealed on Friday its plans to undertake a considerable capital boost through as much as a $30 bn issue of Hong Kong- and Shanghai-listed shares (as much as 20% of equity) and an issue of as much as CNY40 bn ($5.86 bn) of six-year bonds convertible into Class A shares, which are [...]

Kazakhstan’s Samruk-Kazyna National Wellbeing Fund disclosed on Saturday that it intends to offer Russia’s Sberbank [SBER RU] to purchase the indebted BTA Bank [BTAS KZ] in the 2Q 2010, after its $10 bn debt restructuring deal.