Sberbank, Russia’s largest state-owned lender, has registered two subsidiaries: Sberbank-Finance, a brokerage, and Sberbank Specdepository, a support division for the asset management business currently being created by the bank.

Together with its parent company, Sberbank-Finance will carry out a range of tasks to develop operations on the preliminary and secondary stock market, including the servicing of brokerage operations, particularly marginal trading, which will be offered to Sberbank’s clients. The firm will be headed by Alexander Tsymbalyuk, who was latterly responsible for the brokerage business in the Moscow office of Sberbank.

Sberbank Specdepository will function as a special depositary for Sberbank Asset Management.