Sberbank’s £4billion profit



Sberbank

Sberbank

2010 was a successful year for at least one bank, as the largest bank in Russia posted a massive £4billion profit for the year.

German Gref, the banks chief executive announced net profits for the year of 181.6billion roubles, (£4billion) which was a huge increase on 2009s 24.4billion rouble profit.

The banks state owned state also looks set to be privatized again in the second half of this year, as the country looks set to raise 1trillion roubles as part of a privatization drive in the next year.

Russia raised 96billion roubles in February by selling a 10% stake in the countries second biggest bank, VTB, and the Russian National Banking Council are planning to meet in the next week to discuss privatizing the rest of Sberbank.

Earlier in the month Sberbank bought Russian investment bank Troika Dialog for $1billion, and announced in a statement, “We are gaining the unique opportunity to offer modern financial services to tens of thousands of Russian companies that up until now lacked such possibilities.”

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