Tough on the important: "Kings of debt" - Sberbank and VTB
On November 14, the management of Sberbank will present a new development strategy for the country's largest state bank to the supervisory board. A month later, 14 December, the top management of Sberbank will present it in London. By 2020, Sberbank expects to earn a net profit of one trillion rubles a year. Such a profit will be incorporated in the new state bank strategy for the period up to 2020. Last week, Sberbank President German Gref said that the strategic planning horizon was reduced from five years to three. Note that the entire Russian banking sector earns a net profit of one trillion over the year. The policy of Sberbank is not only high interest rates for lenders and draconian obligations in relation to the borrower, but also a whole strategy aimed at siphoning off money from the federal and regional budgets. Just like Sberbank, VTB, the second largest state bank in Russia, also earns money from the troubles of the Russian province.
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