Sberbank might replace some executives at VBI, does not plan major changes
VIENNA. Feb 16 (Interfax) - Sberbank does not rule out the replacement of some executives at Volksbank International AG (VBI), the purchase of which it completed on Wednesday, but is not planning major changes, the president and chief executive of Russia's biggest lender, German Gref told reporters in Vienna.
"Will managers be replaced? I don't rule it out, but we intend to rely on the team that is there now," Gref said after the signing of an agreement to buy 100% of VBI.
He said Sberbank is satisfied with the performance of VBI's current management. "We see that the team is quite capable and the quality of management is quite satisfactory, so we are not planning serious changes," Gref said.
Gref also said that Russian employees might be transferred to VBI divisions and foreign managers might undergo internships in Russia.
Sberbank plans to capitalize VBI as needed, Gref said.
He remarked that of all the countries where VBI has a presence, Hungary is one of the most difficult to work in. "For the other countries of Central and Eastern Europe we are quite positive, we have plans to develop our business," Gref said.
Sberbank plans to draft an individual action plan for each country. "In May of this year we want to fully confirm our business model and program of action to the end of this year and three-years into the future," Gref said.
He also said Sberbank is still interested in entering the markets of Turkey and Poland. "And with this we want to limit our interest for now, creating the most modern platform on the basis of VBI, which could have very strong potential for organic growth," Gref said.