Sberbank to open direct banking business in Germany

VIENNA, June 12 Thu Jun 12, 2014 4:17am EDT

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VIENNA, June 12 (Reuters) - Russia's largest lender, Sberbank, intends to open a direct banking business in Germany by the third quarter of this year, the head of its European operations said on Thursday.

Mark Arnold told journalists in Vienna the bank had received approval from the German financial regulator, BaFin.

(Reporting by Michael Shields; Writing by Georgina Prodhan; Editing by Pravin Char)