Sberbank’s Gorkov: Sberbank Europe to Return to Profit in 2013 – Report

07/10/2013 | 06:35am US/Eastern

VIENNA–Sberbank Europe AG, the Vienna based subsidiary of Sberbank Rossia (>> Sberbank Rossii OAO), will return to profit 2013, the deputy chairman of Sberbank Rossia, Sergey Gorkov says in an interview published Wednesday in the Vienna daily newspaper Wirtschaftsblatt.

Mr. Gorkov says the bank has recently built up reserves and is now “growing faster than the market” in the countries in which it operates. He confirmed this meant the bank will “leave the loss-making zone” in 2013.

Russia’s Sberbank bought Volksbank International AG, the former Eastern Europe banking subsidiary of Austria’s Oesterreichische Volksbanken AG in February 2012 and renamed it Sberbank Europe AG. The bank operates in nine eastern and central European countries.

Mr. Gorkov says further capital injections for Sberbank Europe “will be considered” but he says they are not necessary at this stage. Sberbank Europe’s Russian owners injected 240 million euros ($307 million) into the loss making concern earlier this year.

Newspaper website: diepresse.com/home/wirtschaft/economist/1428401/Banken_Klagt-die-Sberbank-die-OeVAG?_vl_backlink=/home/wirtschaft/economist/index.do

Write to the Vienna Bureau at djnews.frankfurt@dowjones.com

 

 

Stocks mentioned in the article : Sberbank Rossii OAO
Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s