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Sberbank may up lending to St Petersburg developers

Russia's biggest lender, state-controlled Sberbank, is ready to double its loan portfolio to St Petersburg developers if needed, the bank's head German Gref told a press conference.

“If the demand grows, we are ready to double our lending (to developers),” Gref said.

He told reporters later that he was referring only to lending to the construction sector in St Petersburg. (Reuters)