Sberbank announces signing of legally binding contract on sale of SBERBANK PJSC (Ukraine)
March 27, 2017, Moscow - A consortium of investors acquires SBERBANK PJSC (Ukraine), the subsidiary of Sberbank PJSC.
The consortium will include Norvik Bank (Latvia) and a Belarusian private company. A relevant legally binding contract was signed today. The deal is expected to close in the first half of 2017 after receiving approval by the financial and antimonopoly regulators of relevant jurisdictions, including Latvia and Ukraine.
SBERBANK PJSC (Ukraine) has all the necessary means to fulfill its liabilities to private and corporate clients. We hope that the decision to sell our subsidiary bank will help to unblock its offices and to renew its normal work, which will allow the bank's customers to continue using the services of one of the most stable and efficient banks in Ukraine without interference, and will create a basis for its further development.
Due to quick sale of the bank a loss on investments into the capital of the subsidiary bank will be reflected in the financial results of Sberbank PJSC under RAS. At the same time, the effect of the deal on the consolidated IFRS results of Sberbank Group will not be material.
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Sberbank is Russia's largest bank and a leading global financial institution. Sberbank holds almost one third of aggregate Russian banking sector assets, it is the key lender to the national economy and the biggest deposit taker in Russia. The Central Bank of the Russian Federation is the founder and principal shareholder of Sberbank owning 50% of the Bank's authorized capital plus one voting share, with the remaining 50% held by domestic and international investors. Sberbank has more than 135 million individual customers and more than 4 million corporate clients in 20 countries. Sberbank has the largest distribution network in Russia with almost 17,000 branches, and its international operations include UK, US, CIS, Central and Eastern Europe, India, China, Turkey and other countries.
The Bank holds the general banking license No.1481 issued by the Bank of Russia. Official websites of the Bank: www.sberbank.com (Sberbank Group website), www.sberbank.ru.
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