Sberbank to merge corporate, investment business until end of 2018

MOSCOW, Aug 23 (PRIME) -- Russia’s top bank Sberbank plans to unite its corporate business with corporate investment subsidiary Sberbank CIB until the end of 2018 to be chaired by Deputy CEO Anatoly Popov the united segment, the bank said in a statement late on Wednesday.

“Sberbank has decided on upcoming integration of the corporate business block and the corporate investment business block, or Sberbank CIB, which work with corporate clients,” the bank said.

“Integration will take place until the end of 2018, and will allow us to form a single technological, administrational, and production platform for working with clients, and to receive significant synergy effect for further improvement of our work with corporate clients.”

Head of the corporate business block Popov will coordinate activity of Sberbank CIB, while current heads of Sberbank CIB – Sberbank’s senior vice presidents Alexander Bazarov and Igor Bulantsev – will continue working at their current posts under Popov’s management, the bank said.

End