UPDATE: Sberbank says sells Ukrainian subsidiary VS Bank

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MOSCOW/KIEV, Dec 13 (PRIME) -- Russia’s biggest lender Sberbank has sold its entire stake in Ukraine’s VS Bank, Sberbank said in a report on Wednesday.

“Sberbank Europe AG, a subsidiary of Sberbank group, has completed a deal to sell a 99.9230% stake in PAO VS Bank (Ukraine) to TAS Group. The deal was approved by Ukraine’s Antimonopoly Committee, the National Bank of Ukraine, and the European Central Bank,” Sberbank said.

The deal is in line with Sberbank’s strategy to leave the Ukrainian market.

Ukrainian businessman Sergei Tigipko’s financial and industrial TAS Group confirmed the completion of a deal to buy VS Bank from Sberbank.

In March, Kiev introduced sanctions against local units of Sberbank and VTB Bank, and their subsidiaries VS Bank and BM Bank, respectively, as well as against VEB’s Prominvestbank. The sanctions prohibit any financial operations in favor of the affiliated entities, including the parent companies.

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