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SberBank history. SberBank is the historical successor of Savings Offices, which were established by the decree of Emperor Nicholas I, and later the State Labor Savings Offices. Below are the milestones in the bank’s history, which is closely linked with the course of Russian history.
- sberbank@sberbank.ru
History. Russian President Putin visits a Moscow branch of Sberbank, November 2001. Russian coin commemorating the establishment of the first savings banks in the Russian Empire in 1841. 1991–2013.
Sberbank is the successor to the savings division of the Soviet central bank, which in turn traces its roots back to a network of private savings institutions that was created by tsarist decree in 1841. Sberbank was privatized in 1991 but retains close ties to the central government.
- Savings Offices in Tsarist Russia
- Centralized Banking in The Soviet Era
- Becoming A Joint Stock Company in The Early 1990s
- After The 1998 Crisis
- Further Reading
Tsar Nicholas I established the first private savings institutions in Russia in 1841 when he approved a statute "for the purpose of providing a means for people of every rank to save in a reliable and profitable manner." The next year, savings offices opened in the state treasury departments in Moscow and St. Petersburg. Over the next 20 years, abo...
In Vladimir Lenin's view, banks were an important framework for the building of a socialist society. He believed the ready-made big banks of capitalism could be converted into an effective apparatus for state control of the economy. However, banking activities ground to a halt in the chaos of the years immediately following the revolution. All comm...
In 1990, as the Soviet Unionwas falling apart, Boris Yeltsin, president of the Russian Republic, declared the Russian Republic Savings Bank (a unit of Sberbank) to be the property of the republic. Yeltsin worked with the bank's chairman, Pavel Zhikarev, to privatize the Russian Sberbank in 1991. It was organized as a joint stock company comprised o...
Amid the 1998 crisis, the Russian government introduced a program allowing depositors at the largest banks, such as Inkombank,SBS-Agro, MOST-Bank, and Menatep, to transfer their accounts to Sberbank and take advantage of the government deposit guarantee. However, dollar accounts would be transferred at an unfavorable rate based on the pre-crisis va...
Aris, Ben, "Central Bank Cracks on with Sector Reform," Banker, December 2002, p. 43. Belton, Catherine, "Sberbank's 1999 Profits Top $ 285M," Moscow Times, July 1, 2000. ——, "Sberbank Sues to Silence Its Critics," The Moscow Times, May 26, 2003. ——, "Too Much Cash Could Break the Bank," Moscow Times, May 27, 2003. Bush, Jason, "A Renaissance in Re...
Jan 23, 2018 · Its collapse was a targeted effort by the Russian government and the CBR. For us to understand the shaky foundations the Russian banking system was built on, we need to look into 'why Otkritie...
- Dennis Viliardos
Jun 17, 2024 · Despite being sanctioned by the European Union (EU) and the United States and cut off the Society for Worldwide Interbank Financial Telecommunication (SWIFT) over the Russia-Ukraine war, it ranks...
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Aug 28, 2024 · Sberbank's history stretches back to 1841, when Russia established a network of state-owned savings banks. It remains by far the largest Russian bank by market capitalization—₽5.5 trillion...
