Russia's Sberbank to shake up management team, create e-commerce entity

FILE PHOTO: A view shows the logo of Sber (Sberbank) at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 5, 2021. REUTERS/Evgenia Novozhenina

MOSCOW (Reuters) - Russia's largest lender Sberbank on Tuesday said it was reshuffling its management team and would be establishing an e-commerce holding company as it continues its diversification away from purely financial services.

One of a handful of Russian firms entering markets beyond their core business, Sberbank has been developing its non-financial businesses, such as e-commerce, technology and cloud services, in an attempt to combat banks' shrinking margins.