ZAGREB, 5 June 2021 - Sberbank CEO Herman Gref has said the Russian bank's goal with Croatian conglomerate Fortenova Group is to increase its value and exit without losses in the next two years, as reported by the Moscow newspaper Vedomosti, the Jutarnji List daily reported on Saturday.
Gref was speaking about that at an international economic forum in Saint Petersburg and his announcement that Sberbank will sell its share in Fortenova within two years has been carried by Bloomberg, citing the Russian news agency RIA.
Sberbank was the biggest creditor of Croatia's now-defunct conglomerate Agrokor with €1.1 billion and now holds 44% in Fortenova Group, which was formed in April 2019 following a settlement reached by Agrokor's creditors.
Fortenova's consolidated revenue in 2020 totalled HRK 21 billion, while EBITDA was HRK 1.3 billion. It employs 50,000 people and is probably the biggest employer in the region.
Asked for a comment, Fortenova chairman of the board of directors Maksim Poletaev said on Friday that Gref's announcement was a continuation of what Sberbank had been saying since Agrokor was restructured and Fortenova Group was formed.
As a financial investor, Sberbank plans to sell its stake when the company's value grows, he added.
(€1 = HRK 7.5)
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