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Russia's Sberbank sells its Hungarian subsidiaries

Russia’s Sberbank sells its Hungarian subsidiaries

Sberbank Europe banking group is selling several of its subsidiaries in Central and Eastern Europe, including Hungary, to better focus on its main markets.

Vienna-based Sberbank Europe, which is 100% owned by Russia’s Sberbank, said in a statement to MTI that it had signed an agreement on Wednesday with a Serbian, Slovenian and Cypriot bank – Aek Banca ad Biograd, Gornjska Banka DD, Krani and Agri. Europe Cyprus Ltd – on the sale of its subsidiaries in Hungary, Bosnia and Herzegovina, Croatia, Serbia and Slovenia.

The transaction is subject to approval by national and international regulators as well as national competition authorities and is expected to close in 2022.As of the end of last year, Hungary (Sberbank Magyarország Zrt.), Bosnia and Herzegovina (Sberbank BH dd Sarajevo and Sberbank ad Banja Luka), Croatia (Sberbank dd), Serbia (Sberbank Srbija ad Beograd) and Slovenia had assets of subsidiaries (Sberbank banka dd ) 7.329 billion euros, serving about 600,000 customers and operating 162 branches.

Sberbank Europe AG has decided to reduce its presence in Central and Eastern Europe in order to focus on key markets and develop new business models.Sberbank in the Czech Republic will remain owned by Sberbank Europe and will not change its current business model. (MTI)

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