BREAKING NEWS

BREAKING NEWS

Sberbank to spend 1 percent of first-quarter profit on Rambler stake

Sberbank to spend 1 percent of first-quarter profit on Rambler stake
FILE PHOTO: Logos of Sberbank are seen on automated teller machines in Moscow, Russia, June 10, 2016. REUTERS/Maxim Shemetov/File Photo -
Copyright
Maxim Shemetov(Reuters)
Text size Aa Aa

MOSCOW (Reuters) - Russia's largest bank Sberbank is to spend 1 percent of net profit made in the first quarter to buy online assets of media company Rambler Group, bank's Chief Financial Officer Alexander Morozov said on Tuesday.

Sberbank, which made a record 226.6 billion roubles (£2.6 billion) in first-quarter net profit, has signed a deal to buy a 46.5 percent stake in Rambler Group, a smaller rival to Russia's most popular search engine Yandex.

(Reporting by Tatiana Voronova; Writing by Andrey Ostroukh. Editing by Jane Merriman)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.