Russian banking and financial services company Sberbank has signed an agreement with a system integrator I-Teco to develop a joint cloud platform ‘SberCloud’.

Sberbank owns 60% stake in the joint venture.

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With the development of this cloud platform, the company intends to provide cloud solutions to its partners and external customers.

Sberbank CEO and Executive Board chairman Herman Gref said: “To build a cloud platform, we are using the best technology available in Russia and the most competent team.

“This will enable us to offer a powerful, reliable and protected technological platform for business development.”

The initiative is expected to enable Sberbank to enter the booming cloud infrastructure market.

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In 2016, the volume of the global cloud technologies market was nearly $112bn, according to Forrester Research Russia. The market is expected to expand by 10-15 times in the next 5-7 years.

A cloud solutions marketplace will be developed that will serve the bank’s corporate clients including SMEs and large corporations.

By using the marketplace, these businesses will no longer need to buy own servers, while flexibly applying necessary capacities.

Besides offering own products, Sberbank will also deliver other global solutions through SberCloud to reduce costs associated with IT-equipment. It will also help the businesses to procure a customised solution.