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World Economic Forum in Davos

Sberbank to service VIP customers in Germany

DAVOS, January 24 (Itar-Tass) - Sberbank was planning to service wealthy customers in Germany, Sberbank’s Deputy Chairman of the Board Sergey Gorkov told journalists behind the scenes of Davos Economic Forum.

“We are awaiting a permission from the Austrian regulator to start a business in Germany,” he said adding a decision was expected soon. In Germany Sberbank would develop private banking.

The bank currently has a representation in Germany and is also intending to expand its presence in the Czech Republic.

“We’ll open 20 new branches there. It is a good market, a good country,” Gorkov said.

Sberbank now has a subsidiary bank Sberbank Europe headquartered in Austria and managing a network of nine subsidiaries in eight countries of Central and Eastern Europe: Slovakia, the Czech Republic, Hungary, Slovenia, Croatia, Bosnia and Herzegovina, Serbia and Ukraine. The bank also has a subsidiary operating in Switzerland.

According to Gorkov, Sberbank is also keen to develop business in Asia.

“China is of potential interest for us,” he said adding no particular steps were yet planned in this direction.

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