22 Sep 2021 13:30

Russian govt supports Sberbank developing ecosystem, but warns against going into noncore businesses

MOSCOW. Sept 22 (Interfax) - The Russian government supports Sberbank developing an ecosystem to expand client services, but advises the state bank not to go into noncore businesses, Finance Minister Anton Siluanov told reporters.

"Many say this is noncore, no need to engage in construction of plants and ships. I agree, there's no need to build plants, but giving services to people who are clients, additional services, this actually justifies this avenue of business. This is for the convenience of clients, which means it is also attractive for expanding the client base," Siluanov said.

"We approved [Sberbank's] strategy [to 2023], we were unanimous. I'm the government representative on the supervisory board, in the government we support such initiatives and strategy," Siluanov said.

He said that many experts are drawing attention to the costs of investing in the development of the ecosystem. "Yes, but it is currently at the initial stage of its development and we will get additional 'dividends' from this in the coming years. The thing is, this measure makes it possible to attract ever more clients for the core business, the banking business," Siluanov said.

The business that Sberbank is creating within its ecosystem serves the development of its core banking business, he said.