[Quote of the Week] “Titanic of Kazakhstan’s banking sector…”

“You as a manager of Sberbank of Russia, Mr. Gref, obviously know that any newspaper, regardless of how popular and influential it is, is incapable of shattering the financial position of such a large bank as BTA deems itself. Thus, the current management boggles in an effort to shift the responsibility to our publication. Please buy this ‘Titanic’ of Kazakhstan’s banking sector faster! We’d rather deal with you than with these managers!”

– a quote from Respublika magazine’s open letter to Sberbank chief German Gref, after rumors circulated that the Russian bank would take over BTA following a court ruling that the magazine’s reporting played a role in causing a run on BTA deposits.

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