Sberbank reducing its presence in Europe

Sberbank reducing its presence in Europe

Russia's Sberbank intends to reduce its presence in Europe, but expand it in Kazakhstan and Belarus, the head of the state bank Herman Gref said.

"We stay in Europe, Belarus, Kazakhstan and Ukraine. Ukraine is a separate story, we have already made three attempts to sell the bank, now we will make one more attempt and hope that this time it will be successful," he said in an interview with Rossiya 24 TV channel. 

We plan to reduce our presence in Europe and to expand our business in Kazakhstan and Belarus," TASS cited Gref as saying.

When asked whether Sberbank really chose the strategy of to curtail international expansion, Gref noted: "Unfortunately, yes."