FRANKFURT Nov 22 Sberbank deputy
chairman Sergey Gorkov said the Russian bank will not make any
further takeovers for the next three years and will instead
focus on growing its overseas assets organically by 60 percent.
"We had foreign assets of $1 billion, now we have $50
billion and we are expecting overseas assets to total $80
billion within the next three years," Gorkov told Reuters on
For Sberbank overseas assets will generate 5 percent of
group profits next year, with international operations
generating almost five percent this year, Gorkov said.
Sberbank expects to grow in Turkey, Ukraine and Russia
"Margins in the financial industry are decreasing in most
European markets while they are quite stable in Turkey," Gorkov
Sberbank is now present in nine European countries and will
not do any more overseas acquisitions in the next couple of
years, Gorkov said, adding: "We have to establish our banking
platforms and management systems after recently buying banks
like VBI, Denizbank."
(Reporting By Arno Schuetze and Edward Taylor)