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Russia's state-controlled Sberbank sets up development company

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Russia's state-controlled Sberbank sets up development company

In the first quarter of the year, Russia's state-controlled Sberbank has established two new legal entities – “SB Development” and “SB-Telecom”.

This information appears from the list of the bank’s affiliates, Interfax news agency reports on the 5th of July.

“SB-Telecom” will meet the internal necessities of this credit organization and provide complex telecommunication services to the clients of Sberbank Group.

“SB Development” will meet Sberbank’s internal necessities as regards to providing services of a technical commissioner at the construction of objects of different purpose, the bank’s representative told the news agency.

Authorized capital of LLC “SB Development” totals 10,000 roubles and is owned by LLC “Gamma-S”, which is fully controlled by “Auction” LLC. The latter is owned by Sberbank. Director general of “SB Development” is Vladimir Obruchev.

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