Sberbank
In short
Sberbank is a major Russian state-owned banking and financial services company based in Moscow. It serves as the primary successor to the Soviet Union's state savings bank system.
In plain words
It is the largest bank in Russia. While it started as a simple savings bank, it now provides many digital services and technology products. The company recently rebranded to Sber to show it does much more than just banking.
A simple example
A person in Moscow might use the Sber app to pay their monthly electricity bill and manage their savings account simultaneously.
Why it matters
As a state-owned giant, it plays a central role in the Russian economy. Its stability and digital infrastructure affect millions of citizens and the country's financial landscape.
Easy to mix up
Do not confuse it with Sber, which is the modern brand name the company uses for its wider technology ecosystem.