Finance / Banking The article was published in No. 4718 dated December 17, 2018 under the title: The Internet is more valuable than money

Why German Gref wants to turn Sberbank into an IT company

This would triple the bank’s capitalization, and it would be worth “under $200 billion” December 16 23:51

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Transforming Sberbank into an IT company would triple its capitalization Evgeny Razumny / Vedomosti

Sberbank's capitalization now reaches approximately $60 billion, but it would be worth many times more if it turned into an IT company, says its president German Gref. “If we were an Internet company, our capitalization today would be approximately $200 billion,” Interfax reported Gref’s words on December 14.

Sberbank has already significantly outgrown the concept of “bank,” its president has repeatedly made it clear. It is the largest IT company in Russia, and more than 45,000 people are engaged in its digital business, Gref said back in September 2017. Sberbank as an ecosystem can even refuse to use the word “bank” in the name and unite its products under the Sber brand, Gref said last week. Two days later it became known that Sberbank had bought the domain name sber.ru.

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