Russia’s state lender Sberbank has become the third largest bank in Europe in terms of market capitalization.
With a market cap of almost $60bn from November 14, the 170-year-old behemoth outranks France’s BNP Paribas, Switzerland’s UBS, Germany’s Deutsche Bank and Britain’s Barklays and Royal Bank of Scotland.
Sberbank’s strategic goal by 2014 is to enter the top ten of the world’s largest banks in terms of capitalization, according to a statement from the lender.
Under the leadership of German Gref, the bank has been pursuing a more aggressive M&A campaign at both home and overseas.
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