Sberbank, Russia’s biggest lender, has embarked on its long-awaited expansion outside the former Soviet Union with the acquisition of Austria’s Volksbank International (VBI). The majority state-owned bank had previously restricted its overseas operations to countries in Russia’s so-called near abroad – Belarus, Kazakhstan and Ukraine.
With the purchase of 100% of VBI, however, Sberbank will add a further nine countries to its sphere of operations and the Russian lender has now laid the ground for establishing a strong international presence that it ultimately hopes will make it a force to be reckoned with in global financial services.
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