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German Gref
CEO, Sberbank
Age:
Years as a CEO:
Tenure: 0
Industry: Finance
CEO DOSSIER
A former liberal Minister of Economic Development and Trade in Russia, German Gref has looked to increase international investment in Sberbank and has made a number of acquisitions. Can his reforms deliver real international expansion and transperancy?
early years
German has a Ph.D in law from what is now called St Petersburg University, and from 1982-1984 served in the Russian Interior Ministry’s special forces. In 1990 he moved back to St Petersburg to teach law. In 1991 he moved on again, becoming a first rank legal adviser to the Committee of Economic Development and Property, Administration of Petrodvoretz, St Petersburg. Some of his colleagues in the city government at the time included Anatoly Sobchak, Vladimir Putin and Dmitry Medvedev.
In 1992 German became Chairman of the Property Committee and deputy head of the administration of the Petrodvoretz region in the St Petersburg Mayor’s Office. In 1994 he continued his political rise, working on the Economic Development and Property Committee of the St Ptersrburg Mayor’s Office, rising to chairman in his time there, which ended in 1997.
In 1997 German was appointed Vice Governor and chairman of the City Property Committee in St Petersburg Mayor’s Office.
A year later in 1998 he became First Deputy Minister of the Ministry of State Property. This position he held for two years, and in the mean time in 1999 he was appointed to the boards of oil giant Gazprom and the Federal Commission for the Russian Securities Market.
It was in 2000 that German became Minister for Economic Development and Trade. In this role German was considered an economic liberal and supported limited government role in the economy. He was a supporter of Russia’s entrance into the WTO.
As ceo
In November 2007, German was named CEO and Chairman of the Board at Sberbank. His nomination for the position at the bank was approved by a majority of 99%. Critics at the time of his appointment said he did not have any banking experience.
"We have a big job ahead of us -- to make this big financial institution into a highly competitive, very market-driven banking institution," German said when he was appointed.
German also said that he wanted to ensure "maximum openness and transparency" in the bank’s decisions.
In 2008 German announced plans to borrow more money from foreign banks. "We plan to borrow up to $5 billion from foreign markets later this year, but the issue has not been settled yet. We are currently holding consultations with our partners," he said.
In 2009, German attempted to oversee the acquisition of automaker Opel from General Motors. However, the firm performed a u-turn over the sale, which led Sberbank to consider legal action. "If necessary, we are prepared to defend our position in court. Lawyers are studying the possibility but we have every chance of avoiding the courts," German said.
In 2010 Sberbak reported a rise in 11 month profit to $5bn, which was helped by lower bad loan provisions. In 2011 German went about attempting to attract international investment into Sberbank.
"We want those who couldn't buy us before to be able to," he said. "We will be very careful in order not to hurt our share price. We'll sell only as much as the market can digest," he added.
Away from work
German has been married two times and has two children. He speaks German fluently.
In own words
German is quick to assure "I don't feel any pressure from the state."
“I share Ludwig Erhard's view, which is that there should be as much free market as possible and as much government as necessary.”
On the issue of privatisation, he believes that:
“The state must privatise any businesses that are meant to produce a profit. Then the state's responsibility will be to focus on setting understandable conditions and rules of play that will apply to everyone.”
He also believes that the President appointing governors “will destroy the direct relationship between the governors and the population, not to mention the obvious detrimental effects it will have on democracy. It will also harm the economy in the long run.”
Leadership and philosophy
German is a big supporter of free market. He has stated Russia should be more open to foreign investment. “It’s clear that we have such a volume of reserves that our national resources won’t be enough to exploit them. If we’re going to sit there like a dog in the hay and not let in investors, then we’re going to pay for that in the pace of GDP growth,” German said.
He also believes that government should have little input into the economy. “Today, there’s an imbalance in efficiency between the state and private businesses,” he said in 2005. “Often regional and federal powers act not as a stimulus for economic development but as a brake.”
Our Three Questions
1. How difficult is attracting foreign investment with the impression of state control?
2. How big a blow was it for the Opel acquisition to not go ahead?
3. How would you respond to those who believe you did not have sufficient experience for your role as CEO?
Colleagues, Friends & Analysts' report
"I am not convinced that Sberbank is merely paying lip service to the Kremlin here; unfortunately, they may really believe in international expansion," said Bob Kommers , banking analyst at Deutsche Bank AG in Moscow.
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Latest News
Ex-Finance Minister Kudrin Steps Into Spotlight as Russia's Crisis Grows
Amid a plunging ruble and an anticipated economic contraction of up to 5 percent this year, economic liberals like Kudrin and Sberbank head German Gref, who also attended Friday's meeting, have found themselves increasingly sought after. "Their involvement ... read more...
2015-02-15 19:24:21
Ex-Finance Minister Kudrin Steps Into Spotlight as Russia's Crisis Grows
Amid a plunging ruble and an anticipated economic contraction of up to 5 percent this year, economic liberals like Kudrin and Sberbank head German Gref, who also attended Friday's meeting, have found themselves increasingly sought after. "Their involvement ... read more...
2015-02-14 23:57:33
Sochi reeling financially since Olympic Games
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia’s largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government’s request. It took out a ... read more...
2015-02-12 23:24:08
Sochi reeling financially since Olympic Games
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia’s largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government’s request. It took out a ... read more...
2015-02-12 23:24:08
Sochi reeling financially since Olympic Games
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia’s largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government’s request. It took out a ... read more...
2015-02-12 22:34:01
Costly showplace Oligarchs unload Sochi Olympics assets to recoup investment
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia’s largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and ski resort at the government’s request. read more...
2015-02-09 08:25:45
Sochi Olympics remain a boondoggle as first anniversary of games passes
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government's request. It took out a $1 ... read more...
2015-02-09 01:52:02
Costly showplace Oligarchs unload Sochi Olympics assets to recoup investment
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia’s largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and ski resort at the government’s request. read more...
2015-02-08 08:12:37
Year After IOC Said Olympics Are Good Investment Putin Sticking Taxpayers With Billions In Losses
An article by the Associated Press yesterday reports that two key investors have unloaded properties built for the Olympics at a combined cost of $3 billion, and that Sberbank, Russia’s largest bank and is run by close Putin ally German Gref, stepped in ... read more...
2015-02-06 14:34:23
Sochi Olympics' bill may be headed toward Russian taxpayers
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government's request. It took out a $1 ... read more...
2015-02-06 13:44:16
The Sochi Olympics Were Even More Of A Boondoggle Than You thought
The saga over the ski jump and the Russian bank that paid for it is especially illustrative Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and ski resort at the government's request. read more...
2015-02-05 23:39:35
Russian oligarchs unload Sochi Olympics assets to recoup investment
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government's request. It took out a $1 ... read more...
2015-02-05 19:29:03
Olympics Sochi Games legacy one of waste, debt for Russians
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government's request. It took out a $1 ... read more...
2015-02-05 18:24:38
Sochi’s costly legacy A year after Olympics, Russian oligarchs unload toxic assets on state as taxpayers pick up the bill
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia’s largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and ski resort at the government’s request. read more...
2015-02-05 15:47:09
A year after Sochi Olympics, Russian oligarchs unload some assets, recoup millions of dollars
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia’s largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and ski resort at the government’s request. read more...
2015-02-05 11:36:36
A year after Sochi Olympics, Russian oligarchs unload some assets, recoup millions of dollars
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia’s largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and ski resort at the government’s request. read more...
2015-02-05 09:42:04
Russian taxpayers forced to pick up Sochi Olympics bill
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and ski resort at the government's request. It took out a ... read more...
2015-02-05 09:34:55
The most expensive Olympics ever is now a major headache for Putin
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government's request. It took out a $1 ... read more...
2015-02-05 07:04:35
Oligarchs unload Sochi Olympics assets to recoup investment
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government's request. It took out a $1 ... read more...
2015-02-05 06:57:26
Oligarchs unload Sochi Olympics assets to recoup investment
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government's request. It took out a $1 ... read more...
2015-02-05 06:57:26
Oligarchs unload Sochi Olympics assets to recoup investment
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and resort at the government's request. It took out a $1 ... read more...
2015-02-05 06:07:19
A year after Sochi Olympics, Russian oligarchs unload some assets, recoup millions of dollars
His case has not yet reached court, and he remains in exile in an unknown country. Sberbank, which is Russia's largest bank and is run by close Putin ally German Gref, stepped in to buy the ski jump and ski resort at the government's request. It took out a ... read more...
2015-02-05 02:39:44
Anti-crisis plan on agenda of first meeting of Russian government’s special commission
Previous reports suggested that head of Sberbank German Gref would be included in the government's anti-crisis commission. In addition, as Shuvalov said at the World Economic Forum (WEF) in Davos in January, he intended to consult Russia’s former Finance ... read more...
2015-02-03 09:37:17
Russian Central Bank Roulette Rubble The Ruble Or The Banking System?
Major Russian bankers, notably Sberbank's German Gref have been lamenting the damage that high interest rates are doing to banks. Further, a mid-tier Russian bank (SB) began to limit deposit withdrawals, and the entire sector is suffering funding difficulties. read more...
2015-02-01 10:01:08
Ruble Slides to Lowest Since December Panic on Surprise Rate Cut
Herman Gref, the head of the nation’s biggest lender, OAO Sberbank, this month warned of an “extremely widespread” banking crisis, while his counterpart at VTB Group, Andrey Kostin, urged policy makers to lower rates to 10 percent. “The immediate ... read more...
2015-01-30 15:47:06
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Financials
Business summary
Employees: 278,247
Sberbank provides corporate and retail banking products and services to corporate clients, small businesses, financial institutions, and individuals in the Russian Federation and internationally. The companys deposit products include fixed, settlement, and online deposits. It also provides commercial lending to legal entities comprising corporate loans, loans to individual entrepreneurs, federal bodies, and municipal authorities, overdraft lending, and lending for export-import transactions; specialized lending to legal entities, including investment and construction project financing and developers financing; consumer and other individual loans, such as loans to individuals other than housing acquisition, construction and repair of real estate, and car loans; and mortgage loans to individuals for acquisition, construction, and reconstruction of real estate. In addition, the company offers export/import transactions, foreign exchange, securities trading, investments and securities, cash management, investment of funds, cash collection, currency exchange, investment banking, treasury, business consulting, bank insurance, corporate pension programs, and hedging currency risk services, as well as engages in selling precious metals and coins, and leasing activities. As of July 30, 2012, it had a network of 17 territorial banks, approximately 19,000 branches in the Russian Federation, as well as operates in Ukraine, Belarus, Kazakhstan, Switzerland, India, Germany, China, the United States, the United Kingdom, and Cyprus. The company was founded in 1841 and is headquartered in Moscow, the Russian Federation.
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