Sberbank gets rid of leasing business in Ukraine

April 8, 2017 TASS
Sberbank in Odessa
A branch of Russia's Sberbank in Odessa. Source: Denis Petrov / RIA Novosti

Russia’s top lender Sberbank has got rid of its leasing business in Ukraine, the bank said in a statement on April 7.

According to the statement, Sberbank Leasing Ukraine is no longer part of Russia’s Sberbank Group.

"Sberbank Leasing Ukraine was part of the group of persons of the bank. On March 20, 2017, a change of the company’s owners was registered. As a result the grounds for including the company in the group of persons of the bank were terminated," the bank’s press service confirmed.

Sberbank Leasing Ukraine was a 100% subsidiary of Russia’s Sberbank Leasing since August 2010. 

Back in September 2016, Ukraine imposed sanctions against Sberbank Leasing. They envisaged restriction of trade operations, complete cessation of transit of resources, flights and transportation on the territory of Ukraine, as well as suspension of the fulfillment of economic and financial obligations of the company.

Sberbank leaves Ukraine

In mid-March, Ukrainian President Pyotr Poroshenko imposed sanctions against five banks with Russian state capital operating in the Ukrainian market.

Sanctions were introduced after the decision of the National Security and Defense Council of Ukraine adopted the day before. Restrictions are introduced for a year against Sberbank, VS Bank, Prominvestbank, VTB Bank and BM Bank.

Sanctions include a ban on withdrawal of funds outside of Ukraine, as well as payment of dividends, interest, return of interbank deposits and loans, funds from correspondent accounts of subordinated debt. The ban also concerns distribution of profits and capital of these five banks. At the same time, restrictions, according to the National Bank of Ukraine, do not prohibit settlements between residents of Ukraine and their counterparties who have accounts in the parent structures.

Sberbank announced the sale of its subsidiary bank in Ukraine to a consortium of investors, including Latvia’s Norvik Banka of Grigory Guselnikov and a private Belarusian company controlled by Said Gutseriev (the son of Russian billionaire Mikhail Gutseriev).

According to a source in Sberbank, it is planned to close the deal for the sale of the Ukrainian subsidiary until the end of May.

Sberbank also expects to sell its second Ukrainian bank - VS Bank in the near future and is looking for a buyer for this asset.

Source: TASS

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