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7 Apr, 2008 07:34

Sberbank aims for top ten spot in world finance

Sberbank is poised to storm into the world’s top ten financial institutions in the next five years. Russia’s biggest bank is planning a major expansion of its operations, including opening for business in overseas markets.

In terms of value, Sberbank is in 17th place on the list of major financial bodies. But Sberbank’s senior vice president, Denis Bugrov, says the company can do better than that, and has plans to be in the top ten in half a decade.

In order to do this, Sberbank needs to expand in a number of areas, including on international markets, says Bugrov.

He says that the acquisition of major Eastern European banks is an opportunity for Sberbank to achieve its goals.