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8 September 2011
E. European bank sector profits to be double those in Russia by 2020 - Gref

VIENNA. Sept 8 (Interfax) - Banking sector profits profit in Central and East Europe could be double that of the Russian banking sector by 2020, Sberbank (RTS: SBER) chief German Gref, told a press conference in Vienna.

"Sberbank is entering the rapidly growing Central and European markets, which we estimate in the long term, by 2020, will generate approximately double the banking sector profit that we will have in Russia. These markets are very interesting for us," Gref said following the signing of a deal for Sberbank to acquire Volksbank International GA, which is the East European division of Oesterreichische Volksbanken AG.

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