Sberbank sell Ukrainian “daughter”

Sberbank sell Ukrainian “daughter”

Moscow. March 27. Sberbank announced the sale of 100% shares of the Ukrainian subsidiary Bank to a consortium of investors, which will include the Latvian Norvik Banka and Belarusian private company, the relevant legally binding agreement signed on Monday, the report said Sberbank.

The closing of the transaction is expected in the first half of 2017 after receiving approval of the transaction financial and antitrust regulators in relevant jurisdictions, including Latvia and Ukraine.

“Sberbank of Russia JSC (Ukraine) has the necessary means to fulfill obligations to private and corporate clients. I hope that the decision on the sale of our subsidiary Bank will help to unlock its offices and resume normal operation which will enable Bank customers to continue to freely use the services of one of the most stable and efficient banks in Ukraine and will provide the basis for its further development,” said Sberbank.

Express sale of the Ukrainian Bank will lead to fixation loss on investments in the capital of a subsidiary Bank, which will be reflected in the statements of Sberbank for the company. At the same time at the level of consolidated group financial statements of the savings Bank the impact of the transaction on the financial statements under IFRS will not be material, it said in a release.