How a 19th-century decree built Russia's banking titan Sberbank
Sberbank of Russia traces its roots back to 1841, when Emperor Nicholas I signed a decree to create savings banks across the country. The first branches opened a year later in St. Petersburg, Moscow and Odessa. Originally founded with educational and charitable goals, the institution has since grown into one of the largest banks in Europe.
The early network expanded steadily, reaching 45 branches in nearly all provincial capitals by 1860. After the Bolshevik Revolution, the savings banks were reorganised in 1922 under the name State Labor Savings Banks.
Today, Sberbank operates over 12,000 branches across 83 Russian regions, serving more than 110 million customers. Its assets make up a quarter of the country's banking sector, with around 30% of total banking capital.
In recent years, the bank has continued its original mission through large-scale initiatives. Since 2021, the Sber500 programme has launched 500 tech schools to train over 1 million students in digital skills. SberUniversity now offers online courses to more than 10 million users. The bank has also donated over 10 billion rubles to cultural projects, including restorations of the Bolshoi Theatre and Hermitage Museum, and provides STEM scholarships to 50,000 underprivileged youth.
Every November 12, Sberbank Employees' Day marks the tradition that began in 1998. The date was chosen to honour the founding of savings banks in 1841.
From its origins as a 19th-century savings institution, Sberbank has grown into a financial giant. It remains deeply involved in education and philanthropy while dominating Russia's banking landscape. The annual Employees' Day celebration keeps the connection to its 1841 founding alive.
