Sberbank CEO German Gref urged subordinates to remain calm in the face of global turmoil.
Photo: Vasily Shaposhnikov
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Crisis Reached Sberbank
Sberbank CEO German Gref called on subordinates to work “in new reality” because of financial crisis. The bank brings to halt the efforts aimed at widening credit portfolio and will toughen conditions for granting new credits both to corporations and individuals.
Sberbank CEO German Gref that has been monthly addressing the employees in writing since summer began the October message by the statement of financial crisis. The priorities will change, Gref promised to subordinates. “We have crossed out of our business target the credit-size indicators, having put forward as priority the security and guaranteed payback of the granted credits.”
Sberbank is the biggest crediting bank of the country. Under the estimate of the Central Bank of Russia (CBR), Russia’s banks granted corporate credits for the total worth of 8.8 trillion ruble as of July 1, 2008. Of that amount, Sberbank accounted for 41 percent (3.6 trillion ruble) vs. 43.4 percent as of January 1, 2008.
“The fact that the biggest creditor of Russia’s economy has actually acknowledged readiness to slow down the rates of crediting in the wake of financial crisis shows that the extent of financial problems of Russia’s companies and of economy in general has been recognized,” said Trust Bank economist Evgeny Nadorshin. The rates of crediting that the banks had demonstrated until September had matched neither internal condition of Russia’s economy nor external financial environment, the analyst explained.
www.kommersant.com
All the Article in Russian as of Oct. 03, 2008
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