Sberbank’s Gref to Head Turkish Bank Board

Sberbank’s CEO German Gref has been elected chairman of the board of directors at DenizBank, the press office of Russia’s largest state-owned lender said on Monday.

“German Gref has become head of the board of directors,” the press office told Prime news agency.

Gref is one of three Sberbank officials to join DenizBank’s board of directors following Sberbank’s acquisition of the Turkish bank. DenizBank Management Board Chairman Hakan Ates has retained his post.

Sberbank closed a deal on Friday to buy 99.85 percent of DenizBank AS, Turkey’s sixth largest private bank, for 2.79 billion euros ($3.5 billion).

“The deal represents a major step in the implementation of Sberbank’s strategy and allows Sberbank to enter the fast-growing Turkish banking market,” Sberbank said in a press release on Friday.


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