Russian Sberbank President and Chairman of the Board, German Gref, gave information about how the financial institution is coping with the pressure of sanctions. It has been reported xinhua.
According to him, despite the “heavy sanctions pressure” that the Russian banking sector has been subjected to, Sber has managed to restructure its processes in such a way that it will be profitable in the fourth quarter and pay record dividends to its shareholders.
Gref said that cooperation with foreign partners has been partially or completely terminated due to sanctions, but recent years have prepared the bank for such risks.
“…we do not have a critical dependence on Western suppliers in any business area today,” said the chairman of the board.
He noted that many internal processes have changed and relations with Eastern partners have gained a new impetus for development. Thus, restrictions on the use of SWIFT and other blocking measures contributed to the development of the Internet banking system for legal entities. Money transfers began to be made, especially in Chinese yuan and other currencies.
In addition, Sber continues to attach great importance to advanced IT developments and the introduction of artificial intelligence technologies.
Sberbank and Havana Science and Technology Park will cooperate in the field of AI.