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Sberbank CEO says does not believe euro zone will remain intact
November 22, 2012 / 12:46 PM / 5 years ago

Sberbank CEO says does not believe euro zone will remain intact

FRANKFURT, Nov 22 (Reuters) - Sberbank Chief Executive German Gref said he did not believe the euro zone will remain intact because member states within the common currency have such different levels of competitiveness.

“In the long term it is impossible to save the euro zone with the same countries,” Gref said at a conference in Frankfurt.

Gref said Sberbank has sworn off acquisitions for the next three years, and will instead focus on integrating recently acquired lenders.

Sberbank said it is targeting a return on equity of more than 20 percent for 2013 and a net profit of 400 billion roubles ($12.84 billion), adding that the bank was working on fresh targets for the period until 2019.

$1 = 31.1612 Russian roubles Reporting By Edward Taylor, Arno Schuetze and Jonathan Gould

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