Sberbank encourages Russian giants to invest in Turkey

Chief Executive Officer (CEO) of Russian banking giant Sberbank, which has bought 99.85% of Turkish Denizbank, said that Russia's largest companies were prepared to invest in Turkey. Speaking to the reporters following the "Sberbank Denizbank Celebration", Herman Gref reminded that by purchasing Denizbank's shares, Sberbank made the biggest Russian investment in Turkey. "We have never had negative feelings by investing Turkey. This country has been a second home for us," Gref said.  "Russian investors have been further encouraged by Sberbank's acquisition of Denizbank. We will see more foreign investment in Turkish economy. Trade and economic ties between Turkey and Russia are booming, and 4 or 5 of Russia's largest companies are prepared to invest in Turkey. I think Sberbank has set a good example for these companies," he said, adding that investors included energy, food and construction companies. Gref stated that Denizbank shares would not be offered to the public, but the 50 percent share of Sberbank owned by the Russian Central Bank should be reduced to 25 percent via public offerings. He also said that Denizbank's name would not be changed. Sberbank acquired Denizbank in early June for $3.5 billion and in September a final agreement on the acquisition of a 99.85 percent stake of the local lender was signed.