Sberbank to continue developing int'l business by selecting formats other than subsidiaries

ST. PETERSBURG. July 6 (Interfax) - Sberbank plans to continue developing its international business, though it intends to select formats that are simpler than creating subsidiary banks, Sberbank First Deputy Executive Board Chairman Alexander Vedyakhin said during the Financial Congress of the Bank of Russia.

"Will Sberbank have an international business? Yes, it will, and it is actively developing now. Will there be subsidiary banks? No, there will not, because this has turned out to be very difficult and complicated, and actually an unnecessary operation on the international market. There are formats considerably simpler and lighter, though I will not discuss them," Vedyakhin said.

Sberbank will most likely focus on sectors where it already has a presence, Vedyakhin said, commenting on the bank's plans to develop the e-commerce segment.