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Significance
The expansion into retail reflects the transition of state-controlled Sberbank, Russia's largest bank from financial institution into a digital 'ecosystem' rebranded as Sber. Its large client base and profits have facilitated acquisitions of e-commerce firms and their technological integration. Russia's central bank has concerns about the effects on competition and consumers.
Impacts
The boundaries between the financial and IT sectors will be blurred further.
The central bank will continue efforts to restrain Sberbank's dominance in the financial markets.
Cybersecurity and personal data protection need to be addressed at company and national level.
Keywords:
Banks,
economy,
industry,
banking,
computers,
corporate,
technology,
telecommunications,
private sector,
Russia,
RUCIS
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2021
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