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 email@example.com