Sberbank has redeemed a $1 billion subordinated loan ahead of schedule, the bank said Monday.
State-controlled Sberbank, home to half of Russians’ deposits, has said it had no plans to return to the external debt market in the first half of 2010.
“The decision was made according to international practice … and agreed with the Central Bank,” Sberbank said in a statement. Sberbank secured the loan with a maturity of ten years and interest rate of 6.23 percent in February 2005 and had the right to redeem it after February 11, the bank said.
(Reuters)
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