May 29, 2015 / 11:54 AM / 4 years ago

Russia's Sberbank re-elects Gref as CEO

MOSCOW, May 29 (Reuters) - Sberbank’s Chief Executive Officer German Gref will serve a third four-year term at the helm of the top Russian bank, shareholders decided on Friday at their annual general meeting.

Gref, a former economy minister, has headed Sberbank since 2007 and was re-elected for a second four-year term in 2011. He is now due to remain in the post until 2019.

He is credited with turning around the fortunes of Sberbank, which used to be a state savings bank in Soviet times.

Sberbank is now the dominant player in Russia’s banking sector and currently holds around 30 percent of total banking sector assets. It has weathered the economic crisis better than many rivals, helped in part by its large deposit base.

The shareholders also approved a dividend of 0.45 roubles per share to be paid from 2014 profits. (Reporting by Alexander Winning and Oksana Kobzeva, Editing by Maria Kiselyova and Gabriela Baczynska)

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