Sberbank compensated for overpayment in VBI deal - Gref
MOSCOW. June 6 (Interfax) - Sberbank of Russia has received compensation for its overpayment in the deal with VBI (now Sberbank Europe) and there will be no lawsuit, Sberbank President and CEO German Gref said at the AGM on Friday.
"The entire purchase of the bank totaled around 500 million euro. For that reason, we ultimately agreed the amount of the overpayment with the previous owner, without recourse to the courts. We were compensated for the difference. If my information is correct, we have already received that money," Gref said.
VBI Bank, through which Sberbank entered the Eastern European market, was purchased in 2012. Later, in March 2013, Gref announced that Sberbank could demand compensation from the seller - Volksbank - and its auditors in connection with the quality of VBI assets.
In 2012, VBI had net loss of 263.5 million euro. The bank, which was renamed Sberbank Europe, had net profit of 5.8 million euro in 2013.