Sberbank sells 43% of Fortenova Group to UAE investor

MOSCOW. Nov 3 (Interfax) - Sberbank has sold its 43% stake in Fortenova Group, one of Croatia's largest producers and retailers of food products, to an investor from the United Arab Emirates, Russia's leading lender said in a press release.

The buyer is a major investor from the UAE, Saif Alketbi, who has investments in real estate, technology and high-tech companies, Sberbank said.

Sberbank CEO Herman Gref said in June 2021 that the bank planned to exit Fortenova Group, which was established on the basis of Croatian retailer Agrokor, within two years. "Our goal is to return the company's value to the initial level within two years and exit without losses within the next two years," Gref said at the time.

Sberbank acquired about 44% of Zagreb-based Fortenova Group in March 2021 after the group consolidated Slovenian retailer Mercator. Sberbank owned 18.5% of Poslovni Sistem Mercator d.d., and a put option was exercised on these shares in favor of Fortenova Group.

In April 2019, Sberbank said that in the course of restructuring the debts of Croatia's Agrokor, it received 40% of the assets of Fortenova Group, which was formed from the retailer. The bank also received the Mercator stake from Agrokor.

Sberbank lent the Croatian company 600 million euros in April 2014 and another 350 million euros in 2016. Another Russian state bank, VTB lent the company 300 million euros in 2014 to buy the Slovenian retail chain. Agrokor was later taken over by the government due to its financial troubles and inability to pay creditors.

The United States imposed blocking sanctions against Sberbank on April 6, 2022. The sanctions include a freeze on the bank's assets in the U.S. and prohibit U.S. citizens from conducting any transactions with the bank. Some other countries have imposed similar restrictions against Sberbank.