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

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)