The Russian bank plans to enter the Latvian market through its Belorussian subsidiary, BPS-Sberbank, which will coordinate the Baltic expansion.
"We are discussing plans to open a subsidiary in Riga and will soon submit these plans to the supervisory board of BPS-Sberbank," BPS-Sberbank CEO Vasily Matyushevsky has told the Bne.eu online news site.
According to media reports, Russian banks are eyeing the Lithuanian market. The Lithuanian Banks' Association has said that increased competition in the banking market will be beneficial both to businesses and private individuals.
