Sberbank, Russia’s largest bank by asset value, has sold its European arm to an Austrian banking interest, the bank said in a statement.
Sberbank, which holds about a third of Russia’s banking assets (and is the nation’s top asset finance provider), is majority owned by the Russian government with assets valued at £359.54bn.
The sale of its Austrian subsidiary, Sber Vermögensverwaltungs AG, represents Sberbank’s withdrawal from the European market.
"The sale of our European subsidiary Sberbank Europe AG to a foreign investor is due to the current situation in the world. We are satisfied with the terms of the deal reached. Sber is focusing on the development of financial services in Russia, where we have 106 million loyal customers, and in promising friendly countries for us,” Sberbank First Deputy Chairman Alexander Vedyakhin said.
The statement did not specify who bought the bank branch other than to say the sale was to an Austrian company controlled by Stefan Zochling. The bank did not disclose the sale price of the deal.
- November 2021: Sberbank sells its branches in Eastern Europe, which includes Bosnia and Herzegovina, Croatia, Hungary, Serbia, and Slovenia.
- February 2022: the US, the UK and the EU impose sanctions on the Russian banking industry after Moscow invades Ukraine.
- August 2022: Sberbank Czech subsidiary declared bankrupt.
- September 2022: Sberbank sells Swiss branch to m3 Groupe Holding SA.
- January 2023: Sberbank announces it will open a branch in occupied Crimea.
- March 2023: Sberbank Europe AG is closed by order of the European Central Bank after the ECB warned that the bank faced failure due to a run on deposits.