Sberbank CEO German Gref denies Sberbank plans expansion by acquiring banks abroad
14.04.2008, 21.05
MOSCOW, April 14 (Itar-Tass) - Sberbank CEO German Gref denied reports claiming that his bank was planning mass expansion by acquiring banks abroad.
“We are not going to expand anywhere. We are talking only about millions of dollars in investments, but certainly not about billions of dollars or even one billion U.S. dollars,” the Prime-Tass business news agency quoted him as saying on Monday.
According to Gref, the capitalisation of the bank’s subsidiary in Ukraine in the amount of 150 million U.S. dollars (up to 450 million U.S. dollars in the future) and 25 million U.S. dollars for the opening of a branch in India.
“We will move gradually and consider every step carefully, correlate expenses and earnings. We have no super goal of entering the market of certain countries by all means,” Gref said, adding, “I disagree with the word expansion. I am a very sparing person and I don’t want to overpay for anything.”
He described as “someone’s canard” reports about Sberbank’s negotiations for the acquisition of the investment bank Dresdner Kleinwort.
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