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Sberbank unit inks deal to recapitalize Baring Vostok funds

PAO Sberbank of Russia unit Sberbank Investments LLC signed an agreement with Baring Vostok Fund V Managers Ltd. to recapitalize two portfolio investment funds of Baring Vostok worth more than 4.9 billion Russian rubles.

The deal, which is Sberbank's debut portfolio recapitalization transaction and the first of its kind in the Russian market, will span a period of more than four years.

As of Jan. 15, US$1 was equivalent to 67.03 Russian rubles.