Sberbank to increase retail portfolio by 10-15 pct in 2010 says CEO

Russia's biggest lender Sberbank expects to increase its retail loan portfolio in 2010 by 10-15 percent, Chief Executive Herman Gref said on Thursday.

Russia's biggest lender Sberbank expects to increase its retail loan portfolio in 2010 by 10-15 percent, Chief Executive Herman Gref said on Thursday.

"Retail portfolio growth in 2010 will be 10-15 percent, corporate loans may go up five to eight percent," Gref said.

Sberbank lowered its forecast for its corporate portfolio based on the results of the first six months of 2010, while maintaining its retail portfolio forecast.

Starting from September 1 all Russian Sberbank branches started working under a new scheme called "loan factory," Gref said.

"If previously all loans were granted manually, and the turnaround time took at least two weeks, now all retail loans at Sberbank are given out within 30 hours, with a 44-hour corporate standard," Gref said.

YAROSLAVL, Russia, September 9 (RIA Novosti)