Russia’s largest bank eyes expansion
Russia's largest bank, Sberbank, has decided to establish a subsidiary for developing its investment business. The branch is part of the bank's five-year expansion plan.
According to CEO, German Gref, Sberbank is planning to enter the markets of 20 countries during its expansion period.
Gref believes the credit crisis provides a golden opportunity to start acquisitions, because foreign banks are cheap.
The structure of the new branch has yet to be determined.