Russia's top bank leads sector revolution

Significance

The expansion into retail reflects the transition of state-controlled Sberbank, Russia's largest bank from financial institution into a digital 'ecosystem' rebranded as Sber. Its large client base and profits have facilitated acquisitions of e-commerce firms and their technological integration. Russia's central bank has concerns about the effects on competition and consumers.

Impacts

• The boundaries between the financial and IT sectors will be blurred further.
• The central bank will continue efforts to restrain Sberbank's dominance in the financial markets.
• Cybersecurity and personal data protection need to be addressed at company and national level.