Sistema preparing to sell Luxembourg-based East-West United Bank

MOSCOW. April 11 (Interfax) - Sistema PJSFC plans to sell Luxembourg-based East-West United Bank (EWUB) in 2023, the Russian investment group said in its annual report.

The decision to sell the bank, which is wholly owned by Sistema, was made in October 2022.

The price of the transaction will be determined following an independent appraisal, Sistema said. The group did not provide any information in the report about potential buyers.

Sistema estimated its impairment loss on the bank at 1.47 billion rubles. EWUB had an estimated 10.7 billion rubles in assets and 4.8 billion rubles in liabilities as of December 31, 2022.

Sistema became a shareholder of EWUB, which was founded in 1974, in 2001 and became the bank's sole owner in 2018.