Sberbank of Russia is looking for options to exit the Ukrainian market

Sberbank of Russia (MOEX: SBER) is looking for an option to sell its Ukrainian “daughter”, but there are many legal difficulties, the president – Chairman of the Board Herman Gref – told reporters.

“We are actively looking for sales options. We are there under a whole bunch of complex sanctions. Our bank is a very attractive asset in Ukraine, but we are in a very difficult legal situation until we find some acceptable agreement for ourselves and, of course, for all licensing authorities (there are many of them), “said Gref.

“But we will try, of course, to look for options to exit the market, because we do not see further prospects for our stay there,” – added the head of Sberbank.

In mid-September, Gref said that Sberbank was considering various options for the development of the Ukrainian subsidiary, does not rule out a decision on it until early 2022.

In August 2021, the Supreme Court of Ukraine upheld the position of Oschadbank and banned the Ukrainian “daughter” of the largest Russian bank from using the Sberbank trademark in Ukraine.

In September, Sberbank of Russia decided to change the name of its Ukrainian subsidiary to JSC International Reserve Bank (MR Bank).

Ukrainian Sberbank (formerly NRB Bank) was founded in 2001. Its sole owner is Sberbank of Russia.

According to the NBU, as of September 1, 2021, Sberbank ranked 10th in terms of total assets (UAH 61.88 billion) among 72 banks operating in Ukraine.

(c)INDUSTRIAL PORTAL UKRAINE 2021

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