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Russia's Sberbank sells Austrian subsidiary in withdrawal from European market

Reuters
·1-min read
FILE PHOTO: St. Petersburg International Economic Forum (SPIEF)

MOSCOW (Reuters) - Russia's dominant lender Sberbank on Friday said it had finalised the sale of its Austrian subsidiary to an Austrian company controlled by Stefan Zochling, withdrawing completely from the European banking market.

Sberbank was targeted with sweeping Western sanctions soon after Moscow despatched troops to Ukraine in February 2022, exiting the majority of its European operations.

Sberbank declined to disclose the price of the deal, and said all necessary regulatory approvals had been obtained.

"The sale of our European subsidiary Sberbank Europe AG to a foreign investor is driven by the current situation in the world," Sberbank First Deputy Chairman Alexander Vedyakhin said in a statement. "We are satisfied with the terms of the deal."

(Reporting by Reuters; Writing by Alexander Marrow; Editing by David Goodman and Louise Heavens)