Sberbank to Sell 100% of Unused Warehouses to Marketplaces

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Sberbank plans to divest unused warehouses. By the end of this year, 100% of such facilities will be sold to marketplaces, Sberbank CEO German Gref announced at the Investor Day event.

According to Gref, the warehouses had been a "major source of negative results" in the e-commerce segment of Sberbank. He stressed that the bank will exit all unprofitable businesses.

"We will be exiting business lines that do not generate profitability in the medium term, and will continue to subsidize only those areas that are strategic for us," Gref was quoted as saying by Interfax.