Sberbank's capitalization surges

Sberbank's capitalization increased by 40.3 percent ($1.507bn) since the beginning of this year and amounted to $5.251bn as of May 30, 2003, Sberbank head Andrey Kazmin declared at an annual conference organized by Renaissance Capital.

Kazmin reiterated that on January 1, 2002 the bank's market capitalization was $1.484bn, on January 1, 2001 it was $352m. In 2002 Sberbank's net income amounted to 31.2bn rubles (about $1bn).

The bank's share on the Russian credit market is about 40 percent at present.

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