Russia’s biggest bank appoints ex-minister as head

Russia’s former Economic Minister, German Gref, has been confirmed as Sberbank’s new head by shareholders. He’ll replace Andrey Kazmin, who held the job for 12 years.

43-year-old Gref’s acceptance was a mere formality, as he’d already gained the support of the bank’s supervisory board and minority shareholders.

State-controlled Sberbank is well prepared for the changes in its management. Its net profit in October reached $US 5 BLN – a sum equal to the annual forecast.

Sberbank’s former president Andrey Kazmin says the main goal for the bank now is foreign listing.

Market watchers say the new president of Sberbank will follow the current plan of development.

Gref says his key goal for the bank is to enter more foreign markets – primarily in the CIS.