FRANKFURT, Nov 22 (Reuters) - 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 Thursday.
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 Gorkov said.
“Margins in the financial industry are decreasing in most European markets while they are quite stable in Turkey,” Gorkov said.
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)