Sberbank Rossii: Belarusians withdraw deposits en masse

• 31.05.2011, 12:22

Further deterioration of the economic situation in Belarus can lead to impairment of some assets of Sberbank group.

Such a forecast is made in the report of the Russian credit organization according to IFRS, Interfax-Zapad informs.

At the moment Sberbank Rossii owns 97.91% of shares of Belarusian BPS-Bank.

Since March this year deterioration in the macroeconomic environment is observed in Belarus. It continued in Q2 of 2011, the report of Sberbank Rossii informs. A considerable devaluation of the national currency, high inflation and large trade deficit are observed in the country.

The bank underlines that increase in the number of cash withdrawal transactions promotes liquidity shortage in the bank sector.

Sberbank Rossii is following the developments in Belarus, however, it is not able to evaluate adequately its influence on the financial results of the group yet, the report reads.

In December 2009 Sberbank of Russia bought 93.27% of shares of BPS-Bank at $280.8 million, and later increased its share up to 97.91%.