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Sberbank Plans to Become World Leader
Head of the Savings Bank of Russia (Sberbank) German Gref told the American Chamber of Commerce that the bank can become one of the ten largest banks in the world by 2014. “We are studying the practicality of the situation of that task with consultants,” he said. “This autumn we will say how practical it is, but, in our estimation, it is completely achievable.”
Speaking of the development of Sberbank and the banking industry in Russia, Gref noted that, in the next five years, a consolidation is expected in the Russian banking business, with the role of large banks expanding. The share of foreign assets in the Russian banking industry is also expected to increase. Mergers and acquisitions will increase in the sector.
Gref also noted that, to maintain its leading position, Sberbank must expand its presence abroad. “We have no chance if we don’t diversify our presence on the Russian market,” he also noted. He said that Sberbank intends to occupy a “serious share” of the world financial market, mainly in Eastern Europe, the CIS and Asia. “We are the only intellectual company in the country not based on raw materials that can go global,” he boasted.
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