Support The Moscow Times!

Sberbank to Focus on Integration

In the next three years, Sberbank will focus on integrating previous buys and enhancing the bank's existing products rather than on making new acquisitions, chief executive German Gref said.

Purchases in 2012 completed a "maximum acquisition program," he added.

"In the next three years, we're faced with the task of an effective integration," Gref said. "We have a huge amount of assets that need to be digested."

A key challenge for the bank, the 48-year-old lawyer said, is to keep its return-on-equity ratio at over 20 percent, after it reached 25 percent last year.

"We're too big of a bank for Russia," he said. "We cannot grow here strongly. I do not think it is good for the country and the company."

But he added that the bank will exercise a selective attitude toward future acquisitions.

(Reuters)

Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.