Sberbank of Russia sells its Ukrainian subsidiary
A press release by Sberbank of Russia announced on March 27th that a consortium of investors involving the Latvian Norvik Bank and a private company in Belarus will acquire 100 percent of Sberbank’s Ukrainian subsidiary, as reported by RIA Novosti.
“The consortium of investors is acquiring 100 percent of Sberbank in Ukraine, which is a subsidiary of Sberbank of Russia. Norvik Bank (Latvia) and a private company in Belarus make up the consortium,” the press release of Sberbank said.
The contract regarding the sale was signed on March 27th.
“The transaction is expected to be finalized in the first half of 2017 after it is approved by the financial and antitrust regulators of the relevant jurisdictions, including those in Latvia and Ukraine,” the organization stated.
Sberbank stressed that its Ukrainian subsidiary has the necessary funds to fulfill its obligations to private and corporate customers, and also expressed the hope that the decision to sell the subsidiary will help to remove the blocking of its offices and resume the normal business operations of the bank.
Earlier it was reported that activists from the Russian National Corps temporarily unblocked Sberbank branches in Ukraine so people could freely withdraw their money. At the same time, it was announced that preparations were being made for the next stage of the blockade in order to halt operations for all Ukrainian branches of the bank.