Image by Hayran1 / Shutterstock.com
Sberbank Europe separates from its Hungarian unit
Russian company Sberbank Europe announced on Wednesday that it had agreed to sell a number of its Central and Eastern European operations – including the one in Hungary – to Serbian companies AIK Banka, Gorenjska Banka of Slovenia and Agri Europe Cyprus for an undisclosed amount, according to a report from the MTI state news wire.
In addition to Sberbank Magyarország, the agreement includes Sberbank Europe units in Bosnia and Herzegovina, Croatia, Serbia and Slovenia. Sberbank Europe will maintain its unit in the Czech Republic.
“Sberbank Europe AG has decided to reduce its geographic presence in Central and Eastern Europe in order to focus on key markets and explore new business models,” said the lender.
“The buyers have a large regional presence as well as a clear vision for future development, supporting the future growth of banks and ensuring that customers will continue to receive services of the same quality,” he added.
The transaction is expected to close in 2022, subject to regulatory approval.
Sberbank Magyarország had total assets of HUF 511 billion at the end of 2020, according to public records. The stock of customer loans was HUF 295 billion and customer deposits were HUF 355 billion.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing worthy journalism is an expensive endeavor. For 27 years, the editors, editors and reporters of the Budapest Business Journal have strived to bring you business news that works – information that is reliable, factual, accurate, and presented without fear or favor.
News organizations around the world have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. More recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer this same opportunity to our readers. We would like to invite you to help us provide the quality business journalism you need. Hit our Support BBJ button and you can choose how much and how often you send us your contributions.
