MOSCOW (Reuters) – Russia’s largest lender Sberbank on Tuesday said it was reshuffling its management team and would be establishing an e-commerce holding company as it continues its diversification away from purely financial services.
One of a handful of Russian firms entering markets beyond their core business, Sberbank has been developing its non-financial businesses, such as e-commerce, technology and cloud services, in an attempt to combat banks’ shrinking margins.
In changes that will take effect on June 1, Lev Khasis, first deputy chairman of the management board, will leave his role and become president of the new e-commerce holding company.
“One of the key goals of Sber’s strategy is to achieve leadership in the e-commerce industry in Russia. This is a very ambitious challenge,” Khasis said in a statement.
Sberbank CEO German Gref told reporters all of the company’s e-commerce assets would be assembled in the holding company and that its brand was being finalised.
The holding company will combine Sberbank’s investments in SberMarket, SberMegaMarket, SberLogistics, pharmacy line SBER EAPTEKA, and SMM Retail, as well as in O2O Holding, the bank’s joint venture with technology firm VK.
“All Sber partners in companies set to join the holding will receive an offer to exchange their shares for shares in the holding at fair market value,” Sberbank said.
Sberbank will also establish two separate “ecosystems”, one focused on business clients, the other on individuals.
Alexander Vedyakhin, first deputy chairman of the executive board, will oversee the development of the B2B division.
Kirill Tsarev, currently head of the bank’s retail lending business, will become first deputy chair of the executive board and overseeing the B2C ecosystem.
(Reporting by Alexander Marrow; Editing by Michael Urquhart)
