AGL 5.27 Decreased By ▼ -0.23 (-4.18%)
ANL 8.45 Decreased By ▼ -0.04 (-0.47%)
AVN 75.82 Increased By ▲ 0.02 (0.03%)
BOP 5.15 Decreased By ▼ -0.09 (-1.72%)
CNERGY 4.41 Decreased By ▼ -0.01 (-0.23%)
EFERT 81.30 Decreased By ▼ -0.33 (-0.4%)
EPCL 49.29 Decreased By ▼ -0.41 (-0.82%)
FCCL 12.40 Decreased By ▼ -0.39 (-3.05%)
FFL 5.51 Increased By ▲ 0.01 (0.18%)
FLYNG 6.82 Increased By ▲ 0.09 (1.34%)
FNEL 4.68 Decreased By ▼ -0.02 (-0.43%)
GGGL 9.27 Increased By ▲ 0.85 (10.1%)
GGL 14.88 Increased By ▲ 0.93 (6.67%)
HUMNL 6.18 Increased By ▲ 0.10 (1.64%)
KEL 2.57 Increased By ▲ 0.01 (0.39%)
LOTCHEM 27.73 Increased By ▲ 0.08 (0.29%)
MLCF 23.57 Decreased By ▼ -0.22 (-0.92%)
OGDC 71.91 Increased By ▲ 0.81 (1.14%)
PAEL 15.13 Increased By ▲ 0.10 (0.67%)
PIBTL 4.83 Decreased By ▼ -0.07 (-1.43%)
PRL 15.66 Decreased By ▼ -0.32 (-2%)
SILK 1.07 Decreased By ▼ -0.03 (-2.73%)
TELE 8.85 Increased By ▲ 0.03 (0.34%)
TPL 7.34 Increased By ▲ 0.26 (3.67%)
TPLP 19.49 Increased By ▲ 0.23 (1.19%)
TREET 21.08 Increased By ▲ 0.23 (1.1%)
TRG 137.25 Increased By ▲ 0.65 (0.48%)
UNITY 16.30 Decreased By ▼ -0.25 (-1.51%)
WAVES 9.35 Increased By ▲ 0.10 (1.08%)
WTL 1.38 Increased By ▲ 0.03 (2.22%)
BR100 4,164 Increased By 6.3 (0.15%)
BR30 15,350 Increased By 10.3 (0.07%)
KSE100 41,698 Increased By 46.7 (0.11%)
KSE30 15,402 Increased By 22.3 (0.15%)
Business & Finance

Russia's Sberbank to expand in logistics in e-commerce push

  • Sberbank to create hubs to speed goods deliveries – CFO.
  • Logistics is part of e-commerce push at Russia's top bank.
  • Sberbank plans to enter clothing market on its own – CFO.
  • CFO Alexandra Buriko's full quotes in Russian.
Published April 14, 2021
Follow us

MOSCOW: Russia's biggest bank Sberbank plans to expand its logistic business across the world's largest country as it seeks to capitalise on a booming e-commerce market, Chief Financial Officer Alexandra Buriko told Reuters.

As banking margins shrink, Sberbank is expanding in areas ranging from food delivery and taxi services to cloud computing and cyber security as it tries to tap into what it calls the broader ecosystems of its financial services customers.

Delivery is one of the top challenges in Russia, which accounts for about 17% of the world's land mass.

With e-commerce turnover doubling last year, but still only accounting for about 10% of total retail sales, all the main players from privately-owned Wildberries and Ozon to AliExpress Russia and Sberbank, are investing in logistics.

Sberbank will spend 300-350 billion roubles ($4.0-$4.6 billion) on its non-banking businesses over three years, with "a significant" portion focused on logistics, Buriko said in her first interview since joining the bank last year.

"We plan to invest into up-to-date automated logistic infrastructure as there is almost no such thing in Russia," said Buriko, who joined Sberbank from aluminium giant Rusal.

"There will be a hub for a big city, or one to two regions, depending on the place."

Buriko said the hubs would speed up delivery to all the main cities and smaller towns across Russia, complementing the state-controlled bank's chain of branches, which is the largest in the country.

Sberbank has tried to team-up with other players to expand in e-commerce but has decided to go it alone after failing to reach deals with Ozon and Yandex.

Buriko reiterated the bank is not planning acquisitions this year, adding it needed to start selling clothes as part of its e-commerce drive - something she said the bank could also do on its own.

"This is rather a question of a team which knows how to work with the sellers," she said.

Comments

Comments are closed.

Russia's Sberbank to expand in logistics in e-commerce push

Supreme Court declares new Reko Diq mine deal legal

Google opens liaison office in Pakistan, registers with SECP

Croatia stun Brazil in penalty shoot-out to reach World Cup semi-finals

Nawaz’s return will decide who wins elections: Rana Sanaullah

Rupee depreciation continues, settles at 224.4 against US dollar

Sindh police take Azam Swati into custody from Quetta

Putin says Russia may cut oil production over West’s price cap

At $561.16bn, India's forex reserves rise for 4th week, hit over 3-month high

Pakistan Refinery says will shut down for 'approximately 20 days'

Oil set for 10% weekly drop as demand worries dominate