Sberbank of Russia has announced the plan to sell 100 percent in the Ukrainian subsidiary bank to a consortium of investors, which will include Latvia’s Norvik Bank and a Belarusian private company, the corresponding legally binding agreement was signed on March 27, Sberbank of Russia has said.
The transaction is expected to be completed in the first half of 2017 after getting approval for the transaction from the financial and antitrust regulators of the relevant jurisdictions, including Latvia and Ukraine.
“PJSC Sberbank (Ukraine) has necessary funds to fulfill its obligations to private and corporate clients. We hope the decision to sell our subsidiary bank will help unblock its offices and resume normal operation, which will allow the bank’s customers to continue using the services and create the basis for its further development,” Sberbank of Russia said.
