Sberbank to sell its subsidiary bank in Kazakhstan to Baiterek Holding

MOSCOW, August 23 – RIA Novosti. Sberbank will sell a subsidiary bank in Kazakhstan to Baiterek Holding, the parties plan to close the deal in the near future, reported Russian credit institution.

“Sberbank Group and Kazakhstan National Management Holding Baiterek signed an agreement for the sale and purchase of the entire stake in Sberbank to Sberbank Kazakhstan. The parties plan to close the deal in the near future,” the report said.

Sberbank announced that it has decided to withdraw from the Kazakhstan market, guided by the current geopolitical situation and acting in the interests of the customers of the subsidiary bank.

Sberbank emphasized that the subsidiary bank in Kazakhstan has sufficient liquidity supply, high-quality loan portfolio and has been one of the key participants in the country’s financial market for many years. The team of Kazakh bank employees will continue their work.

“The bank will continue to fulfill all its obligations to customers. All conditions regarding banking products for existing customers will not change. The transaction will allow the bank to fully continue its active activities, withdraw deposits and make payments, as well as continue product development and product development for the population. and services for business” – noted in Sberbank.

In the spring, Sberbank was subject to blocking sanctions from Western countries, which froze its assets and forbade residents to transact with the bank. Sberbank was also disconnected from the international SWIFT system.