OREANDA-NEWS. June 02, 2010. Sberbank management has spoken openly about its view on the current situation and its development plans for the bank, eliciting a positive response. The meeting has strengthened our confidence that Sberbank has a strong team of managers, capable of implementing an ambitious development strategy for the bank.

On June 1, Sberbank management, including Deputy CEO Mr. Karamzin, held a meeting with analysts. Management has spoken rather openly about its vision of the current situation and its development plans for the bank, leaving a favorable impression. We highlight the following significant points voiced:

1. Management believes that a series of loan rate cuts by the bank is nearing completion and does not expect a further decline in its interest margin from levels in May-June. The bank expects its interest margin to decrease by 100-150 basic points in 2010, from 7.8% in 2009.

2. As estimated by the bank, overall loan portfolio growth in the banking sector is unlikely to markedly outpace inflation in 2010.

3. The bank has left its net profit target for 2010 unchanged at RUB 100 bn, but management has said the target could be revised upward at the start of 2H2010.

4. The bank has voiced no concrete terms for the placement of depository receipts for its shares, while management has noted that placement in 2010 is not an obligatory target; everything hinges on the business climate.

5. As for the details of the option program for top executives, bank representatives have abstained from comments, except to say that Mr. Gref will make a statement on this issue in the days ahead.

The meeting has strengthened our confidence that Sberbank has a strong team of managers, capable of implementing an ambitious development strategy for the bank.