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Sberbank Acquires Volksbank
15.07.2011 15:41
Sberbank Acquires Volksbank

Russia's largest bank Sberbank is going to purchase 100% of the Eastern division Oesterreichische Volksbanken, Volksbank International. This is the first purchase of Sberbank outside CIS. 

      According to German Gref, Chief Executive Officer of Sberbank, this is the first step in transforming Sberbank into a global bank. He added, that Sberbank sees 5% to 7% percent of its revenue coming from foreign operations by 2014. 

      According to Bloomberg, the company agreed to buy "VBI from Austria’s Volksbanken, Germany’s DZ Bank AG and WGZ Bank AG, and French Groupe BPCE". It is planned to sign an agreement at the end of July.

Author: Ksenia Dzhalagonia

Tags: Sberbank Russian banks    

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