Sberbank's supervisory board approves 'unconventional' development strategy, re-elects Gref to new term

MOSCOW. Nov 7 (Interfax) - The supervisory board of Sberbank at a meeting on Tuesday approved a new development strategy and the main provisions of the dividend policy, and also re-elected Herman Gref as president and chairman of the executive board of the lending institution.

"We had a meeting of the supervisory board today; a very important milestone for us. Today, we approved a new three-year strategy and the main provisions of the dividend policy. In early December, we will approve the dividend policy itself. The president and chairman of the bank's executive board was also re-elected today to a new four-year term," Gref said at a press conference upon the conclusion of the supervisory board meeting.

Gref noted that the supervisory board approved "a very unconventional" strategy that differs considerably from what the bank has previously approved.

"We have chosen human-centricity as the main theme for the strategy, and have worked much on the topic," Gref said.

According to Gref, the bank will present the strategy's details at Investor Day on December 6, which will be held in person and in absentia.

"We will invite our investors to the meeting physically, and a broadcast will be organized," Gref said, adding that each of the bank's more than 1.8 million shareholders will theoretically be able to connect to the broadcast.