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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
PJSC Sberbank (Russian: Сбербанк, initially a contraction of Russian: сберегательный банк, romanized: sberegatelnyy bank, lit. 'savings bank') is a Russian majority state-owned banking and financial services company headquartered in Moscow.
Key Dates: 1988: A reorganization of the Russian banking system leads to the creation of Sberbank, a specialized bank for private savings. 1991: Sberbank becomes a joint stock company. 1995: A crisis at commercial banks increases Sberbank's dominance of the individual savings market.
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...
- 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 16, 2014 · 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. SberBank’s origins date back to 1841 when the Russian Emperor Nikolai I ordered the formation of the first private savings bank branches in Russia “in order to make savings in a ...
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In United States court, Sergey P. Poymanov (Russian: Сергей Пойманов), a Voronezh-based businessman, sued Sberbank, several of its subsidiaries and executives, and a business rival for 750 million rubles, claiming that a valuable granite gravel quarry he owned was illegally bankrupted and seized by the bank in a corporate raid in ...
