EquityStory (Xetra: 549416 - Nachrichten) .RS, LLC-News: Sberbank (MCX: SBER03.ME - Nachrichten) / Key (NYSE: KEY - Nachrichten) word(s): Miscellaneous Sberbank: 20120203_Sberbank_venture_fund
06.02.2012 / 11:26
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Sberbank Announces the Creation of a Technology Venture Fund
February 3, 2012, Moscow 3 - Sberbank of Russia today announces the creation of a venture fund that uses a strategy of investing in high-tech companies and projects.
Starting by investing $100 mln in the venture fund, Sberbank intends to in time increase the volume of investments to $500 mln together with the fund's international partners. Troika Ventures (the venture arm of Troika Dialog (Kuala Lumpur: 7277.KL - Nachrichten) ) will manage the fund. Currently the Troika Venture team manages over $100 mln of fund assets.
The new venture fund will focus on growth stage start-ups dedicated to the development of new information and communication technologies for financial institutions. This will not only include start-ups from Russia, but also take the most promising innovations from around the world and invest in their development.
In addition to the investment and its trusted reputation on the financial services market, Sberbank proposes to use the experience gained by its own Technology Research Centre. This will help the portfolio companies to grow new technologies and optimise their commercial prospects via accelerated paths to enter the market in accordance with the bank's investment strategy.
Victor Orlovskiy, Senior Vice President at Sberbank of Russia, commented: 'This venture fund is proof of Sberbank's commitment to the idea of developing the latest technologies and applying them in Sberbank Group's operations. With the help of breakthrough technologies, Sberbank will be able to discover new markets and offer clients unique services. We are certain that with our potential portfolio companies, Sberbank will be interesting not only as an investment partner, but also as the largest consumer of the technologies offered by the aforementioned companies.'
According to Artyom Yukhin, the head of Troika Dialog's venture division, the venture fund is focused on technology and will serve as a catalyst for further efforts to create a an environment for the development of start-ups and technological innovations, which will be beneficial to the financial sector in the future.
Information for editors:
Sberbank of Russia is the largest bank in Russia, accounting for about 27% of the aggregate Russian banking assets and employing about 240,000 people. Sberbank's founder and major shareholder is the Central Bank (Other OTC: CBSU.PK - Nachrichten) of the Russian Federation holding over 60% of voting shares. The bank's other shareholders comprise more than 245,000 legal entities and individuals. The Bank has the largest countrywide branch network with 17 regional head offices and more than 19,000 branches as well as subsidiary banks in Kazakhstan, Ukraine and Belarus, a branch in India, and representative offices in Germany and China.
The bank holds the general banking licence No.1481 issued by the Bank of Russia.
The official website is www.sberbank.ru
For further information please contact:
Public Relations Department, tel.: +7 (495) 957 5721, e-mail: media@sberbank.ru
Troika Dialog is a subsidiary company of Sberbank of Russia, and is one of the leading investment companies operating in the CIS (Taiwan OTC: 5864.TWO - Nachrichten) . The key business areas of Troika Dialog, founded in 1991, are securities sales and trading, investment banking, private wealth and asset management, direct and venture investments, as well as personal investment and finance. Troika Dialog's operations are located in 21 cities across Russia plus offices in New York (Frankfurt: A0DKRK - Nachrichten) , London, Nicosia, Kyiv and Almaty. www.troika.ru
For further information please contact:
Troika Dialog Press Service, tel.: +7 (495) 258 0519, e-mail: pressa@troika.ru
End of Corporate News
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Language: English Company: Sberbank 19 Vavilova St.
117997 Moscow Russia Phone: +7-495-957-57-21 E-mail: media@sberbank.ru Internet: www.sberbank.ru ISIN: US80585Y3080, RU0009029540, RU0009029557 Listed: Foreign Exchange(s) MICEX, RTS End of News EquityStory.RS, LLC News-Service
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