The Savings Bank of the Russian Federation is the only financial structure that performs not only the usual functions inherent in commercial banks, but also related to government activities.
Sberbank is one of the largest banks in Russia. The Central Bank is the holder of its controlling stake (54.6%). It is interesting that this particular banking institution has an organizational structure that has no analogues in the financial market of the Russian Federation: regional banks, branches and offices. And all this is located not only in Russia, but also in the neighboring countries.
State monopoly
On the territory of the Russian Federation, Sberbank is a monopoly, as it provides state guarantees on deposits. The corresponding status also obliges to service the accounts of the federal budget. In addition, since 2009, this financial structure has been acting as an agent for supporting government contracts for construction work. The Savings Bank controls compliance with the intended use of funds that are allocated to finance the relevant government contracts.
The bank's activities are primarily aimed at attracting money savings of the population, providing a range of settlement and cash services to legal entities and the population.
Main functions
Basically, Sberbank allocates funds received from citizens in segments of the economic sphere. This applies not only to long-term deposits, but also to temporarily free funds. In addition, part of all assets at our disposal is used to issue loans to the population. A large number of loan products have been developed, with the help of which you can pay for tuition, finance construction, purchase real estate with a mortgage or a vehicle, etc.
Settlement, cash and credit services for individuals and legal entities are one of the most priority areas of the Savings Bank's work. In addition, this financial institution issues its own securities and conducts transactions for their purchase and sale. Leasing and factoring operations, which are also provided by the bank, are not so popular, but they have their own niche in the financial market sector.
Issuance of bank cards is another function performed by Sberbank. It should be noted that over the past few years, the issue of both credit and debit plastic cards has increased dramatically.
Another functional aspect of Sberbank is currency transactions under the license of the Central Bank of Russia: settlements at the international level, currency exchange, currency auctions, etc.
