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. Last Updated: 07/27/2016

Gref on $17Bln Loan Swap

Sberbank said Friday that it was ready to borrow from the market to replace a 500 billion ruble ($17.1 billion) loan from the Central Bank.

“We are able to return the subordinated credit [issued in late 2008] this year, and we have asked the Central Bank to determine their next steps,” said chief executive German Gref, who has repeatedly called the loan expensive. Dismissing earlier reports, Gref said the bank was not planning to convert its preferred shares into ordinaries.

“There are no such plans in the foreseeable future,” Gref said.

(Reuters)