Sberbank closes profitable deal for sale of its Austrian division

ST. PETERSBURG. July 6 (Interfax) - Sberbank made a profitable deal for the sale of its Austrian division, First Deputy Chairman of the Board Alexander Vedyakhin said.

"We are very pleased with the result of the sale of Sberbank Europe AG. This was definitely a profitable deal and you will see it reflected in the financial results for the month of June, which we will disclose in the near future. We received permission from all the regulators, as well as the buyer; the transaction was completed in full compliance with the laws of all the countries where it took place," Vedyakhin told reporters on the sidelines of the Financial Congress of the Bank of Russia in St. Petersburg.

As reported, in mid-June, Sberbank completely exited the European banking market and closed a deal to sell its Austrian division. 100% of Sber Vermogensverwaltungs AG in Abwicklung (formerly Sberbank Europe AG) was bought by an Austrian company controlled by Stefan Zochling. Sberbank did not disclose the amount of the deal.