💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Sberbank to launch Internet share trade July 1

Published 06/28/2009, 07:22 AM
Updated 06/28/2009, 07:33 AM

MOSCOW, June 28 (Reuters) - Russia's largest bank, state controlled Sberbank, is planning to launch Internet-based retail share trade on Wednesday, a technological leap forward for an ex-Soviet institution.

Andrei Golikov, head of the treasury operations department at Sberbank, said it expected many of its 200,000 brokerage clients to move to its new platform, which can be downloaded from the homepage www.sbrf.ru from July 1.

The bank's chief executive, German Gref, is working to modernise the former Soviet savings bank, which operates far flung rural branches, where clerks fill out transaction slips in pencil, as well as slick city offices.

Around 300 clients around Russia are currently using the system and the bank uses the same technology to provide brokerage services at 950 branch offices.

The new technology would extend the territory served by Sberbank's brokerage and prevent its clients using multiple banks for retail deposits and stock broking.

"It is crucial for us that we don't divide up the country into active and passive territories, that we offer identical modern services to everyone," Golikov told Reuters by telephone.

At the same time, he said Sberbank would not make it available to casual and first-time investors. Russian officials lament the continuing lack of investment culture in Russia and brokers say new clients sometimes require extensive education.

"We will only recommend the product to those clients who know how to use computers and those who can think on their feet -- who are able and know how to invest on the stock market," Golikov said. (Reporting by Melissa Akin; Editing by Jon Loades-Carter)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.