Contents tagged with Sberbank

  • Russian ruble wiped out by capital outflow

    The Russian currency market continues to sink due to the risk of sanctions and the outflow of foreign capital, reports.

    After gaining 2.05 rubles on Wednesday, 1.11 on Thursday, the US dollar gained a further 1.24 rubles during trade on Friday, reaching 67.8975 rubles, the highest since April 18, 2016. The euro appreciated by 48 kopeks for the day and 3.11 rubles since the start of the week, updating its 4-month high to 77.43 rubles.

    There is a growing lack of foreign currency in …

  • US prepares sanctions against Russian state banks

    In addition to the sanctions against Russian government debt, which promise to cause foreign investors to flee Russia and drive the ruble even lower, US senators have prepared a powerful blow to the Russian banking system.

    A virtually unnoticed provision in the new bill to expand the sanctions proposes new strict restrictions on Russia’s largest state banks, reports.

    This provision may in fact cause more tangible damage to the Russian economy than the restrictions pertaining to …

  • Belarusian bank tries again to buy Russian Sberbank’s subsidiary in Ukraine

    Belarusian Paritetbank, controlled by the Belarusian presidential administration, has applied for the second time to purchase Sberbank’s subsidiary in Ukraine. In a press release, the Belarusian bank said that the necessary documents have already been submitted to the National Bank of Ukraine (NBU), which rejected Paritetbank’s first offer in 2018.

    “We have had enough time to carefully study the demands of the Ukrainian regulator, and to prepare adequately for taking part in the deal,” …

  • Russian Sberbank makes fourth attempt to sell Ukrainian subsidiary

    Russia’s Sberbank has decided to make a fourth attempt to sell its Ukrainian business, Sberbank CEO Herman Gref told Russia 24 in an interview.

    “Ukraine is a different story – we have already made three attempts to sell the bank. Now we are going to make a fourth attempt, too. We hope that this time it will be successful,” Interfax cited Gref as saying.

    The news agency notes that on May 11, Russia’s Sberbank, as the sole shareholder of PLC Sberbank (Kyiv), decided to increase the subsidiary …

  • Russia's Sberbank lays off analysts for negative Gazprom report

    Russia’s Sberbank has carried out layoffs in the analysis division that presented a review of Gazprom in May which said that all of the company’s largest gas pipeline projects are detrimental and profitable only for the subcontractors, who are almost exclusively friends of President Vladimir Putin.

    The author of the review, chief analyst for the oil and gas sector Alex Fek, was fired on May 22. The next day Alexander Kudrin, head of Sberbank CIB’s analysis division, left the company “by …

  • Ukrainian President: $5 billion in bank assets remain in occupied territory

    During a meeting in Volyn Oblast, President Petro Poroshenko said that bank assets valued at $5 billion remain in the occupied territory.

    "One number that has never been made public is that bank assets worth $5 billion have remained in the occupied territory," the President said.

    Poroshenko added that these funds cannot be withdrawn because the treasuries had been seized.

    On March 6, Ukraine extended sanctions against four banks with Russian state capital for four years. The banks affected …

  • Sberbank says rich Russians are taking their wealth back home out of fear of western sanctions

    With new individual sanctions from the United States looming, an ever-growing number of wealthy Russians choose to keep their assets at home in Russia, according to Eugenia Tyurikova, the head of Sberbank Private Banking, a Sberbank branch that services high-net-worth customers, as reported by RBC news.

    According to Tyurikova, in January 2018, the influx of funds grew threefold from the same period in 2017. “First of all, this was due to the expectations of the sanctions. The end of December …

  • Russian Sberbank to trade cryptocurrency through its Swiss subsidiary

    State-run Sberbank of Russia intends to launch trade operations with cryptocurrency through its bank subsidiary in Switzerland, Sberbank Switzerlang AG, as was announced by Sberbank’s Deputy President and head of Global Markets, Andrey Shemetov, according to the RBC news.

    Shemetov said that while Russian law does not permit operations with cryptocurrency, Swiss legislation allows them. “We want to serve our customers and consider that strategically we should have access to all types of …

  • Russian Sberbank admits that it is impossible to operate in the Crimea due to sanctions

    Lawyers from the Russian Sberbank cannot find a legal mechanism that would allow them to operate in the Crimea while avoiding related sanctions, stated Herman Gref, the bank’s CEO, during a lecture at the World Festival of Youth and Students in Sochi, reports RIA Novosti.

    "You can imagine what the price of such an issue is for Sberbank. It is a question of the entire financial system of the country, the competitiveness of the country as a whole. Therefore, the speculators who raise these …

  • Media reveals nearly $130 million will be paid for Ukrainian Sberbank

    Ukrainian Sberbank PJSC is being bought for about $130 million, according to the Kommersant daily newspaper. According to its sources, the amount is comparable to the bank’s present capital, which, according to international reports for January-September 2016, totals $144 million.

    The buyers are businessman Grigory Guselnikov through Norvik Banka and Sayid Gutseriyev, son of Mikhail Gutseriyev, the owner of the PJSC RussNeft oil company. Guselnikov and Gutseriyev will purchase 45% and 55% of …