Sberbank, Russia’s largest bank and the 33rd-biggest on earth, has made a huge pivot to tech, as it bids to revamp its image for the digital age. Today the Moscow-headquartered firm inaugurated a smart display named SberPortal, powered by its new Salute assistant.
Sberbank chief executive German Gref added today that the company may issue its own cryptocurrency, “Sbercoin,” next year – and said it was working alongside JP Morgan to roll it out in an “experiment.” Sberbank says it expects its non-financial businesses to generate over 60% of revenues by 2030.
That will not stop Sberbank, which has revenues of around $40 billion, from expanding its banking footprint in Belarus, Russia and Kazakhstan, while reducing its “physical presence” in Europe, first deputy chairman Lev Khasis said.
Speaking at the bank’s Investor Day, Khasis added that Sberbank is not considering major merger activity in the e-commerce sector, despite suffering a digital blow this year when its partnership with Russian Internet giant Yandex fell through after strategic differences.