Russia's Sberbank to borrow $3-4 bln in '08 -agency

MOSCOW, Dec 24 (Reuters) - Russia's largest bank, state-controlled Sberbank (SBER03.MM), plans to borrow $3 billion to $4 billion on international capital markets in 2008, Deputy Chief Executive Bella Zlatkis told Prime-Tass news agency.

Zlatkis said the bank, which raised a $750 million, three-year syndicated term loan at LIBOR plus 45 basis points last week and also has a 10-year medium-term notes issuance programme worth $10 billion, will prioritise interest rates over volumes.

"We never concealed the fact that borrowing volumes are less important for us than interest rates, which will be the main consideration when borrowing under the 10-year programme," Zlatkis was quoted by Prime-Tass as saying.

Zlatkis said Sberbank, unlike other Russian banks which borrowed heavily abroad to finance growth at home, had only 3 percent of its liabilities in foreign loans and therefore could borrow more.

"We are different from other banks and could therefore borrow more. Our choice of instruments will depend on the situation on international markets," Zlatkis said, referring to the global credit crunch, which made borrowing more expensive.

Zlatkis also said the market gloom will also affect Sberbank's plans to place around 6 to 8 percent of its stock on the London Stock Exchange next year.

"It is clear it will not happen before the middle of May of next year. Under the current circumstances a placement does not make sense," Zlatkis said.

Sberbank's new Chief Executive Officer German Gref said Sberbank may take a decision to list its shares in London at the end of the first quarter of 2008.

Zlatkis told Prime-Tass Sberbank may mandate organisers and agree the placement's mechanism as early as January.

Sberbank raised 230 billion roubles in March, which was at the time equal to $8.8 billion, in a domestic rights issue that some foreign investors avoided due to concerns over transparency. (Writing by Gleb Bryanski; Editing by David Holmes)