* Sberbank eyes higher profits from non-financial businesses
* Says no plans for large M&A in e-commerce
* To hold controlling stake in non-financial ventures for
* Will channel 50% of net profit on dividends in next 3
MOSCOW, Nov 30 (Reuters) - Russia's largest lender Sberbank
expects its non-financial businesses to generate 60%
of company revenues by 2030, with e-commerce at the heart of a
new three-year strategy unveiled by Chief Executive German Gref
In a shift away from its core banking business, Sberbank
wants to become one of Russia's top three e-commerce players by
2023 and is taking a majority stake in online platform
SberMarket, a joint venture with internet group Mail.Ru
, it said.
Sberbank has invested some $2 billion in acquisitions and IT
as it attempts to join Apple and Google on
the big tech stage. It also has the Rambler media group and Okko
online cinema among other assets.
Over the next three years, revenue from Sberbank's
non-banking businesses should reach at least 5% of the group
total, said Lev Khasis, first deputy chairman of the bank's
executive board, during its online investor day.
"We will make substantial investments of around 4% of our
capital to implement this strategy," he said. "We will direct
most of that on developing the e-commerce business."
Khasis said Sberbank's total investment in SberMarket now
stands at 12 billion roubles ($156 million). He said its growth
in the sector would likely be organic and that while
partnerships were possible, large mergers and acquisitions were
Russia's e-commerce market has boomed this year as consumers
switched to online shopping during coronavirus lockdowns.
Gref said Sberbank was planning to monetise its
non-financial businesses by carrying out initial public
offerings, but said the lender had no plans to sell controlling
stakes in those ventures by end-2023.
Despite the change in focus, the banking business will still
account for approximately 70% of net operating income by 2023,
forecasts presented by Gref showed.
The bank's return-on-equity, a key measure of profitability,
is forecast at over 17% in 2020-2023.
Retail lending is set to grow by 10-12% a year and
Sberbank's corporate portfolio by another 5-7% annually in
2020-2023, the presentation said.
Sberbank said it was also planning to channel 50% of net
profit to dividends in the next three years.
($1 = 76.1660 roubles)
(Reporting by Andrey Ostroukh, Alexander Marrow and Tatiana
Voronova; Writing by Alexander Marrow; Editing by Katya
Golubkova, Jane Merriman and Jan Harvey)