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Sberbank seeks to be among world's top ten banks
RBC, 16.05.2008, Moscow 12:56:23.Sberbank's goal to become one of the world's ten leading banks by 2014 is quite attainable, CEO and Chairman of the Board German Gref said during today's meeting with members of the American Chamber of Commerce in Russia. The bank's management is reviewing the matter, and in the fall it will be able to say how realistic the target is, Gref noted. Speaking of Sberbank's development and the main trends in Russia's banking sector, Gref stated that the industry would consolidate in the next five years, with the country's major banks playing a more important role. The share of foreign assets in the sector is also expected to increase. As a result, the number of M&A deals is projected to rise, while small banks may go bankrupt. To retain its leading positions, Sberbank must expand its presence abroad, Gref stated, adding that the bank intended to gain a strong foothold on global financial markets, particularly in the CIS, eastern Europe, and Asia.
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