BELARUS NEWS AND ANALYSIS
DATE:
04/12/2008
Russian Sberbank aimes at Belarus expansion
Kommersant reported that Russia's biggest saving bank, Sberbank will soon consider the possibility of launching a new bank or acquiring the existing bank in Belarus.
Mr German Gref CEO of Sberbank said after meeting with Mr Alexander Lukashenko President of Belarus that "We are proceeding to the active work with the National Bank to determine the method to enter the market of Belarus. It will be either the launch of a new bank or the purchase of existing one."
According to Mr Gref, Sberbank is aimed at the mutually beneficial presence in Belarus that will last for at least 10 years to 20 years. He said that, with the financial markets jolting worldwide Sberbank's arrival on the market of any country will be a significant event.
The banker said that "In CIS the market of Belarus is one of the highest priorities and of greatest interest." They said that "We have received recently the approval for our future potential presence in Belarus. The president has expressed interest in it. We have got a vital signal that the investment climate in Belarus is very positive."
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