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Sberbank’s assets expected to reach 17 trillion rubles by yearend

August 05, 2013, 14:32 UTC+3
“In early 2008, the bank’s assets totaled 4.9 trillion rubles, while in late 2013 we hope to see around 17 trillion rubles,” Sberbank's CEO said
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NOVO-OGAREVO, August 5 (Itar-Tass) - The Chief Executive Officer of Sberbank German Gref has briefed President Vladimir Putin on his five-year work and said that the bank’s assets should reach 17 trillion rubles by the end of the year.

“In October we will hold a Supervisory Board meeting putting forward a new five-year strategy and we are ready to report on how we have implemented our previous five-year strategy,” he said adding that for five years the bank’s assets have increased more than three-fold.

“In early 2008, the bank’s assets totaled 4.9 trillion rubles, while in late 2013 we hope to see around 17 trillion rubles,” Gref said. “Respectively, our profits have increased 3.5 times and our investments into new technologies - approximately three times.”

“For five years we have drastically reformed the bank’s technology core and invested huge funds into new technologies and into reformatting our offices,” Gref said. “But we feel a catastrophic lack of time and money to keep pace with our competitors and the most advanced banks on the western markets.”

“In the first six months of this year we have already earned 14.5 billion rubles on international markets. We hope that by the end of the year we hope to earn around $900 million in net revenue on foreign markets,” Gref said adding that Sberbank had already opened its offices in 20 countries.

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