Russia's Sberbank to shake up management team, create e-commerce entity

VK

15/02/2022 15:02

MOSCOW, Feb 15 (Reuters) - Russia's largest lender Sberbank
 SBER.MM  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  VKCOq.L .
    "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)
 ((alexander.marrow@thomsonreuters.com;))