Russian banking giant Sberbank has unveiled plans to foray into e-commerce space as part of its new three-year development strategy .
Sberbank CEO Herman Gref expects to generate 60% of revenues from its non-financial businesses by 2030.
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The move comes after online shopping surged in Russia following the outbreak of the Covid-19 pandemic.
The move signals the group’s transition from core banking business.
In line with this strategy, Sberbank has decided to acquire a majority stake in its online joint venture (JV) with internet group Mail.Ru called SberMarket.
Sber has invested RUB12bn ($156m) in SberMarket so far.
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By GlobalDataMoreover, in its goal to become a technology company like Apple and Google, it has infused about $2bn in acquisitions and information technology (IT).
The lender also owns other assets including Rambler media group and Okko online cinema.
Sberbank deputy chairman Lev Khasis said: “We will make substantial investments of around 4% of our capital to implement this strategy. We will direct most of that on developing the e-commerce business.”
Gref added that the bank will monetise its non-banking businesses by launching initial public offerings (IPOs), without selling its own stakes.
Additionally, Sber has migrated to a new cloud platform called Platform V, which creates tech products such as SberCloud, voice assistants, and devices.
For customers, Sber helps optimising funds, time, acting as an assistant, and navigator.
