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Russia's Sberbank raises retail lending rates

Wed Oct 1, 2008 9:43am EDT

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MOSCOW, Oct 1 (Reuters) - Russia's largest lender, state-controlled Sberbank (SBER03.MM), is raising interest rates on loans to retail clients as its own borrowing costs have soared amid the credit crisis, it said on Wednesday.

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"In connection with the significant growth in the cost of financial resources on the market, Sberbank is raising interest rates as of Oct. 1," it said in a statement.

Depending on the type of loan, the rates will increase by 0.25-2.25 percentage points, the statement said. (Reporting by Simon Shuster)

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