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4 Jul, 2008 00:38

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.