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Sberbank CEO says he does not believe in banks

December 14, 2017, 14:18 UTC+3 LONDON

I think that banking will be one of the activities of a technology company and a modern bank, Sberbank CEO Herman Gref

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Sberbank CEO Herman Gref

Sberbank CEO Herman Gref

© Sergei Bobylev/TASS

LONDON, December 14. /TASS/. CEO of Russia’s largest savings bank Sberbank Herman Gref said he does not believe in banks and thinks that any technology related company can learn how to grant banking services. Speaking at the Investors Day in London he said:

"I do not believe in banks. If you tell me that a bank should be built - it is not about me or our team. I think that banking will be one of the activities of a technology company and a modern bank," Gref said.

In his opinion, those "who knows needs of customers best, will quickly learn how to provide banking services." "Because it's easier (for those companies - TASS) than for banks to learn all about technologies, predictions and visions of what the client wants to have at the next stage," Gref said. He added that this is the key point of Sberbank's team's vision.

Gref also said that he considers himself a bad banker, because he is not interested in banking. "I'm not interested in banking, I'm a bad banker, I do not believe in banking, and I will do everything to bring this banking to the place where it should be," he said.

"It's not banking which is a goal in itself, but a client as a source of our well-being. That's interesting, it's a drive and a huge ambition. This is what drives the whole team," the head of Sberbank said.

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