22 Sep 2022 10:11

Sberbank sells Swiss, Kazakh subsidiaries 'on acceptable financial terms'

KAZAN. Sept 22 (Interfax) - Sberbank sold its Swiss and Kazakh subsidiaries "on acceptable financial terms," and sees the transactions as a success, the first deputy CEO of Russia's largest lender, Alexander Vedyakhin said.

"The deals to sell the subsidiary banks in Switzerland and Kazakhstan were made on acceptable financial terms and we consider them successful. It's important to note that, despite everything, both banks continued to fulfil their obligations to clients, including in the period of preparation for sale," Vedyakhin said on the sidelines of a banking forum in Kazan organized by the Association of Banks of Russia.

Sberbank closed a deal at the beginning of September to sell Sberbank (Switzerland) AG. The majority stake was acquired by Swiss investment group m3 Groupe Holding SA, and Monte Valle Partners founder and partner Stephen Lynch acquired a minority stake.

Sberbank also closed the sale of its subsidiary bank in Kazakhstan to Baiterek National Management Holding at the beginning of September.