Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Up to Speed: Sberbank Buys Computers

Sberbank, the former Soviet savings bank now trying to compete in Russia's burgeoning banking market, has signed a $24 million deal with U.S. computer firm Hewlett-Packard for 10,000 computers to be used in a new clearing system, company officials said Wednesday. According to Boris Scherbakov, a Hewlett-Packard computer service manager, the first lot of the computers will come to Russia this week. Russian firm Steepler, Hewlett-Packard's wholesaler here, has guaranteed delivery of the computers to Sberbank divisions in 78 regions throughout Russia. Andrei Andreev, deputy head of Sberbank's computer installation department, said that the computers would be used in a new clearing system that the bank is developing with help from U.S. firm Unisys.