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Banks Put Money Aside
The balances of correspondent accounts with Russia’s banks hit the two-year’s record yesterday. It looks like the banks and their clients are putting money aside on expectations of Sberbank and VTB stocks to be placed next year.
The balance growth of bank accounts at the year-end is a matter of tradition already. The amount widened to 572 billion rubles yesterday, which the record sum since December 2004.
The reasons of this saving attitude of the banks and their clients are numerous. One of them is that most of financial institutions have closed the fiscal year and are amassing the money for new acquisitions. “Starting from this century, the stock market of Russia tends to go down instead of growing each January of the odd-numbered year. The market was booming in January 2006, but the blue chips lost 3 percent to 4 percent in the first few days of January 2005,” Veles Capital analysts said, signaling the players could be saving to buy cheap the stocks of Russian companies.
“Russia’s financial structures have begun to save money, looking forward to 400-billion ruble placement of VTB and Sberbank stocks promised for the next first quarter,” said Solid Management General Director Vadim Sachkov. “The amount isn’t small, and one should start saving this money in advance,” specified Veles Capital analyst Ivan Manaenko.
www.kommersant.com
All the Article in Russian as of Dec. 27, 2006
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