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Concept
Sberbank
Summary
PJSC Sberbank (Сбербанк, initially a contraction of сберегательный банк) is a Russian majority state-owned banking and financial services company headquartered in Moscow. It was called Sberbank of Russia until 2015 (currently: Sber). Sberbank has operations in several European nations, primarily post-Soviet countries.
By 2022, the bank accounted for about a third of all bank assets in Russia. The bank's rise since 1990s is in part due to its close connections to the Russian government. it was the largest bank in Russia and Eastern Europe, and the third largest in Europe, ranked 60th in the world and first in central and Eastern Europe in The Bankers Top 1000 World Banks ranking. In the world ranking of public companies Forbes "Global 2000" Sberbank takes 51st place.
Sberbank's history goes back to Cancrin's financial reform of 1841, when a network of the first state-owned savings banks was created in Russian Empire. By the end of the 19th century, the network reached almost 4 thousand outlets with over 2 million depositors.
Since 1905, savings bank outlets became authorised to sell insurance. After 1910, savings banks started subsidising credit cooperation institutions and extending loans to small lenders. In 1915, savings bank outlets started accepting government securities for depositing.
After the October Revolution of 1917, the state savings banks system continued its activity and growth under the management of the Finance Ministry of the USSR as the State Labour Savings Banks System. From 1926, the saving bank outlets were used to pay wages to blue- and white-collar workers. The savings banks were used to distribute state lottery tickets and for the placement of state bonds with the population. The savings banks introduced wider services such as money transfers.
By late 1980s, the Soviet savings bank system had almost 80 thousand branches. As part of Perestroika reforms, in 1987 the savings bank outlets are reorganised into the Savings Bank of the USSR. Within the Savings bank of the USSR, separate savings banks were created in the Soviet Republics.
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