Sberbank Left the European Market

Sberbank announced the sale of its Austrian subsidiary Sber Vermоgensverwaltungs AG in Abwicklung but did not specify the amount of the transaction. “The sale of our European subsidiary Sberbank Europe AG to a foreign investor is due to the current situation in the world.

The Economic Conditions for Sberbank in Europe:

We are satisfied with the terms of the deal reached. Sber is focused on the development of financial services in Russia, where we have 106 million loyal customers,” said the first deputy chairman of the bank, Alexander Vedyakhin.

Earlier this month, the newspaper Der Standard reported, citing sources, that former managers of the banking group, namely former CEO Gerhard Randa and former chairman of the banking group’s supervisory board Siegfried Wolff, may buy the assets. The assets were estimated at 200-300 million euros.

The mentioned transaction means the exit of Sberbank from the European banking market, which the group announced at the beginning of March 2022.