If the economic situation keeps on deteriorating in Belarus, there is a risk of impairment of the Russian Savings Bank's certain assets. This was stated by the bank in its report for the first quarter of 2011, published on May 31. "It's hardly possible to reliably estimate the specified impact on financial results (Savings Bank of Russia and its subsidiaries — Telegraf)," stated in the document.
The report authors notes that worsening of Belarus’s macroeconomic situation started in March and has been accompanied by «a significant devaluation of the national currency, high inflation and a large negative trade balance.» «The increased number of withdrawals from bank accounts contributes to a shortage of liquidity in the banking sector,» the document says.
It is indicated there that the administration of the Savings Bank is constantly monitoring the situation. Sberbank holds 97.91% stake of the Belarusian BPS-Bank.
