Sberbank in deal to sell subsidiaries in Europe for 500 mln euros

MOSCOW, Nov 8 (PRIME) -- Sberbank Europe AG, the European unit of Russia’s top bank Sberbank, has signed an agreement to sell the subsidiaries in Bosnia and Herzegovina, Croatia, Hungary, Serbia, and Slovenia for about 500 million euros to focus on the priority markets and explore new business models, the bank said on November 3.

Sberbank signed an agreement to sell Sberbank BH d.d. Sarajevo, Sberbank a.d. Banja Luka, Croatia’s Sberbank d.d., Sberbank Magyarorszag Zrt., Sberbank Srbija a.d. Beograd, and Slovenia’s Sberbank banka d.d. to a ground of companies AIK Banka a.d. Beograd, Gorenjska Banka d.d., Kranj, and Agri Europe Cyprus Limited with combined assets of 7.329 billion euros.

Sberbank expects a neutral financial result from the sale. The deal should have an insignificant impact on capital adequacy ratios and consolidated financial results of the group.

The deal should be closed in 2022 after the regulators have approved it. The bank will maintain ownership of Sberbank Czech Republic, which will continue working under the current business model, the bank said in a statement.

The buyer is Serbia’s diversified holding MK Group.

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