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An entourage of Russian state capitalism passed through London and New York in April, with German Gref at its head. But this was not a Putinesque display of nationalist bravado; it was a roadtrip aimed at investors, who have warmed to Sberbank under Gref’s leadership.
Some of the world’s biggest and best-known fund managers were at the meetings. A senior banker at a rival firm says Gref “is without doubt one of the most interesting figures in global banking today”.
The firm made its first international listing in London last autumn; by early 2013, Gref’s bank – formerly the Soviet Union’s savings bank – was trading at valuations higher than US lenders such as JPMorgan and Wells Fargo, at around 1.4
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