Sberbank - Annual Report 2010 - 37 Principal Subsidiaries

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# 37 Principal Subsidiaries

The table below provides details on principal subsidiaries of the Bank as at 31 December 2010:

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Name | Nature of business | Percentage of ownership | Country of registration
--- | --- | --- | ---
Subsidiaries: |  |  |
OJSC Belpromstroy Bank (OAO BPS Bank) | banking | 97.91% | Belarus
SB JSC Sberbank | banking | 100.00% | Kazakhstan
JSC Sberbank of Russia | banking | 100.00% | Ukraine
CJSC Sberbank Leasing | leasing | 100.00% | Russia
LLC Sberbank Capital | finance asset | 100.00% | Russia
Sberbank Asset Management Company | management services | 100.00% | Russia
OJSC Holding company GVSU Center | construction | 97.03% | Russia
CJSC NK Dulisma | oil company | 100.00% | Russia
LLC Khrustalnye Bashni | construction | 50.01% | Russia
OJSC Pavlovskaya Keramika | construction materials | 93.44% | Russia
LLC Pavlovo-Posadskoe Gornodobyvauchee Obiedinenie | construction materials | 93.44% | Russia
CJSC GOTEK Group Management Company | packaging materials | 60.00% | Russia
Vester Retail N.V. | retail trading | 51.00% | Netherlands

Name | Nature of business | Percentage of ownership | Country of registration
--- | --- | --- | ---
Subsidiaries: |  |  |
OJSC Belpromstroy Bank (OAO BPS Bank) | banking | 97.91% | Belarus
SB JSC Sberbank | banking | 100.00% | Kazakhstan
JSC Sberbank of Russia | banking | 100.00% | Ukraine
CJSC Sberbank Leasing | leasing | 100.00% | Russia
LLC Sberbank Capital | finance asset | 100.00% | Russia
Sberbank Asset Management Company | management services | 100.00% | Russia
OJSC Holding company GVSU Center | construction | 97.03% | Russia
CJSC NK Dulisma | oil company | 100.00% | Russia
LLC Khrustalnye Bashni | construction | 50.01% | Russia
OJSC Pavlovskaya Keramika | construction materials | 93.44% | Russia
LLC Pavlovo-Posadskoe Gornodobyvauchee Obiedinenie | construction materials | 93.44% | Russia
CJSC GOTEK Group Management Company | packaging materials | 60.00% | Russia
Vester Retail N.V. | retail trading | 51.00% | Netherlands

In December 2009 the Bank acquired a 93.3% share of the share capital of OJSC BPS Bank, which was previously controlled by Government of Republic of Belarus. During the year ended 31December 2010 the Group acquired an additional 4.61% share in the OJSC BPS Bank. Amount of non-controlling interest acquired during 2010 comprised RR 367 million.

In January 2010 under the settlement of the loan the Group repossessed a 50.01% share in a single-asset company- LLC Khrustalnye Bashni. The asset of the company is represented by undergoing construction of business centre in Moscow.

In April 2010 under the settlement of the loan to its borrowers the Group repossessed a 93.44% share in OJSC Pavlovskaya Keramika, a 93.44% share in LLC Pavlovo-Posadskoe Gornodobyvauchee Obiedinenie. These companies are involved in production and sale of construction materials. Also during 2010 the Group repossessed a 51.0% share in Vester Retail N.V., a holding company of a retail trading group operating mainly in Russia, as well as controlling interests in some other companies. The Group plans to develop and dispose of the subsidiaries in the foreseeable future.

The details of the fair value of net assets of OJSC Pavlovskaya Keramika, LLC Pavlovo-Posadskoe Gornodobyvauchee Obiedinenie,Vester Retail N.V.and other companies acquired during the year ended 31 December 2010, and goodwill arising on acquisition are as follows:

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(In millions of Russian Roubles) | Fair value
--- | ---
Fair value of net assets of subsidiaries | 1,587
Total purchase consideration | 6,914
Non-controlling interest's proportionate share of net assets acquired | 49
Total purchase consideration and non-controlling interest | 6,963
(Gain from bargain purchase) | (511)
Goodwill arising on acquisition | 5,887

(In millions of Russian Roubles) | Fair value
--- | ---
Fair value of net assets of subsidiaries | 1,587
Total purchase consideration | 6,914
Non-controlling interest's proportionate share of net assets acquired | 49
Total purchase consideration and non-controlling interest | 6,963
(Gain from bargain purchase) | (511)
Goodwill arising on acquisition | 5,887

In April 2010 under the settlement of the loan to its borrower the Group repossessed a 60.0% share in CJSC GOTEK Group Management Company which is a holding company of a group involved in production of packaging materials. The Group plans to develop the business of the subsidiary and has further plans to dispose of it in the foreseeable future.

The details of the fair value of net assets of CJSC GOTEK Group Management Company, acquired during the year ended 31 December 2010, and goodwill arising on acquisition are as follows:

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In millions of Russian Roubles | Fair value
--- | ---
Fair value of net assets of subsidiary | 4,941
Total purchase consideration | 5,777
Non-controlling interest at fair value | 1,977
Total purchase consideration and non-controlling interest | 7,754
Goodwill arising on acquisition | 2,812

In millions of Russian Roubles | Fair value
--- | ---
Fair value of net assets of subsidiary | 4,941
Total purchase consideration | 5,777
Non-controlling interest at fair value | 1,977
Total purchase consideration and non-controlling interest | 7,754
Goodwill arising on acquisition | 2,812

The share of the subsidiaries of the Bank in the consolidated assets of the Group as at 31 December 2010 was 4.2% (31 December 2009: 3.3%).

## History

- 29 Dividends
- Recommend Page
- Statement of Changes in Equity
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