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    Sberbank plans to borrow up to $5 bln from foreign banks in 2008

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    NIZHNY NOVGOROD, June 18 (RIA Novosti) - Sberbank plans to borrow up to $5 billion from foreign banks in 2008, German Gref, the CEO of Russia's largest state-owned bank said on Wednesday.

    Gref said in May the bank's borrowings from foreign markets would reach $3 billion in 2008.

    "We plan to borrow up to $5 billion from foreign markets later this year, but the issue has not been settled yet. We are currently holding consultations with our partners," the banker said, referring to Britain's Barclays and the U.S. bank JP Morgan.

    Bella Zlatkis, Sberbank deputy board chairperson, said last week the bank could soon issue Eurobonds. She did not disclose the exact amount of the placement, saying that the bank had no urgent need for loans.

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