April 30, 2019 / 3:16 PM / 19 days ago

Sberbank to spend 1 percent of annual 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

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

His spokesman said the baseline for valuations was an annual profit, not first-quarter earnings.

Sberbank, which made a record 226.6 billion roubles ($3.51 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.

(This version of the story corrects headline and first paragraph to refer to annual profit not first quarter, adds new second paragraph)

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

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