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Sberbank Announced Crisis Policy
The Savings Bank of Russia (Sberbank) has introduced supplemental risk management measures for the liquidity shortage and lower solvency, according to a statement released by the bank. Sberbank experts expect the difficulties to last another year and a half to two years. They are urging bank clients to take a conservative approach to business development plans.
“We urge clients who are experiencing or who foresee financial difficulties to discuss them with us as soon as possible. It will be much easier to find solutions to them together before the situation becomes critical. If a critical situation arises, Sberbank promises to do everything possible so that the client and the bank emerge from it with minimal losses,” the bank’s statement reads.
Sberbank will increase access to credit for individuals and offer various repayment options with detailed explanations of the opportunities and restrictions presented by each method. The bank intends to help clients avoid excessive debt burdens by paying close attention to payment ability during the crediting process. Sberbank foresees supporting business sectors guaranteeing the needs of the public (retail outlets, pharmacies and so on), essential services (water, electricity and transport), the defense industry, small business and agriculture.
The bank also intends to continue to provide uninterrupted service to all of its current clients and to honor all agreements it has entered into.
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