"We are considering entering the Russian retail market, but we have no determined timeframe," Tessen von Heydebreck told a news conference.
Deutsche Bank Moscow has not been engaged in retail transactions in Russia. Deutsche Bank announced Tuesday it had reached a final agreement to buy the remaining 60% stake in the United Financial Group (UFG), a Russian investment bank, after acquiring a 40% stake in its authorized capital in 2004.
Hyedebreck said independent assessment of several Russian banks operating on the Russian retail market was being conducted. "There are no specific projects now, but I am sure they will be developed, and we will become one of the leading players on the Russian retail market," he said.
Chairman of the Management Board of Deutsche Bank Moscow Alexis Rodzyanko suggested two scenarios for entering the Russian retail market: acquiring stakes in Russian banks or developing independently in the field. "Deutsche Bank usually buys other banks," Rodzyanko said.
He said Deutsche Bank also intended to operate on the Russian mortgage market. "We are planning to enter stock markets on the basis of mortgage loans," he said, adding that the timeframe would depend on the preparation of Russian legislation.
