Defying sanctions, Russia’s Sberbank adds smart TVs to technology offering -Breaking
[ad_1]
© Reuters. FILE PHOTO – The Sberbank logo is seen through the broken glass of this illustration, taken on March 1, 2022. REUTERS/Dado Ruvic/Illustration/(Reuters] – Russia’s leading lender Sberbank unveiled a series of smart TVs on Tuesday. The bank is currently in serious trouble due to Western sanctions targeting Moscow for events in Ukraine.
Sberbank’s non-financial businesses have been growing to offset shrinking margins. It looks like it will continue this process even though sanctions threaten its operations.
The lender closed almost all of its European markets this month. This was due to large cash outflows, threats to its property and staff, and was inevitable following the European Central Bank’s closure.
Sberbank and M.Video have partnered to sell the TVs. The televisions are equipped with the virtual assistant software of the bank and can be used for online streaming, food delivery, and other services.
Although Sberbank doesn’t disclose the amount it spends on technology at this time, it previously stated to Reuters that it was a large investment. This has been increasing since Sberbank changed its strategy and shifted more towards technology solutions and devices.
Sberbank, which is owned by Russia’s government in major part, has seen its share price plummet since Russia’s “special military operation” against Ukraine. Additionally, the West has imposed new sanctions on Russia’s banking sector.
Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.
[ad_2]
