OREANDA-NEWS. March 28, 2017. A consortium of investors acquires SBERBANK PJSC (Ukraine), the subsidiary of Sberbank PJSC.

The consortium will include Norvik Bank (Latvia) and a Belarusian private company. A relevant legally binding contract was signed today. The deal is expected to close in the first half of 2017 after receiving approval by the financial and antimonopoly regulators of relevant jurisdictions, including Latvia and Ukraine.

SBERBANK PJSC (Ukraine) has all the necessary means to fulfill its liabilities to private and corporate clients. We hope that the decision to sell our subsidiary bank will help to unblock its offices and to renew its normal work, which will allow the bank’s customers to continue using the services of one of the most stable and efficient banks in Ukraine without interference, and will create a basis for its further development.

Due to quick sale of the bank a loss on investments into the capital of the subsidiary bank will be reflected in the financial results of Sberbank PJSC under RAS. At the same time, the effect of the deal on the consolidated IFRS results of Sberbank Group will not be material.