Russian Sberbank sells its Hungarian subsidiaries
The Sberbank Europe banking group is selling several of its Central and Eastern European subsidiaries, including Hungary, to better understand its key markets.
Vienna-based Sberbank Europe, 100% owned by Russia’s Sberbank, said in a statement to MTI that it had signed an agreement on Wednesday with a bank in Serbia, Slovenia and Cyprus – AIK Banka ad Beograd, Gorenjska Banka dd, Kranj and with Agri Europe Cyprus Ltd for the sale of its subsidiaries in Hungary, Bosnia and Herzegovina, Croatia, Serbia and Slovenia.
Its closure is subject to approval by national and international regulators as well as national competition authorities and is expected to take place 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 (Sberbank banka stock) amounted to EUR 7.329 billion, served about 600,000 customers and operated 162 branches.
Sberbank Europe AG has decided to reduce in Central and Eastern Europe in order to realize key markets and develop new business models.Sberbank in the Czech Republic will remain in Sberbank Europe and will not change its current business model. (MTI)