RIA NOVOSTI. The strategy of Sberbank, Russia’s No. 1 lender, calls for acquiring a large network bank in East Europe, a source familiar with the bank’s document and plans said in an interview with the news agency. The strategy is designed for 5 years and, therefore, the execution of a transaction in the near future is not at issue. At the same time “acquisitions should be made right now (as bank stocks tangibly lost in value), but this is not possible because of far-from-economic reasons”, the respondent said. When asked banks of which level Sberbank eyes, the source named Austria’s RZB and Hungarian OTP Bank (both operates subsidiaries in Russia). Both lending institutions have a wide network spanning many East European countries.
The source also did not rule out the option of a share swap between Sberbank and one of the banks of this level. This would enable Sberbank to tap their technologies and funding sources on Western markets, “as this is a slightly opened door to the EU” — the source said. According to the source, negotiations took place, but no specific decisions have been adopted so far. “Sberbank’s strategy aims to expand operations into CIS, East European and Asian markets” — the news agency’s respondent said. Meanwhile, as the source noted, efforts to set up a representative office in Asia are under way already. “Comfort letters have been sent” — the source said. As for the CIS, Sberbank already operates subsidiary banks in Ukraine and Kazakhstan, and also intends to roll out business in Belarus.
