Money in bank

Billionaire investor and philanthropist Richard Chandler, who heads Singapore-based investment fund Orient Global, has bought a 3 per cent stake in Russian commercial bank Sberbank for $430 million, reports The Guardian. Chandler’s Sovereign Global Investment fund invested in Russian stocks in the 1990s, at one time accumulating as much as 5 percent of Russian gas company Gazprom. According to Forbes he and brother Christopher, born in Matangi, Waikato, also a billionaire, invested proceeds from the sale of their parents’ retailing business — Chandler House — in Hong Kong real estate. Together they founded investment firm Sovereign Global, focusing on transitioning economies in Russia, Latin America, Asia and Eastern Europe.