Sberbank President German Gref commented on plans to sell subsidiaries in Europe. According to him, this is due to the conjuncture of the local market – highly competitive and low-margin, as well as to the pressure of the regulator.
“We have already talked about our intention to reduce the share of business in Europe. This is primarily due to the difficult situation in the local market, which is highly competitive and low-margin. To these factors is added the constantly growing pressure of the regulator, ”Mr. Gref told RIA Novosti.
German Gref noted that Sberbank plans to launch abroad products of individual ecosystem companies, as well as test “new innovative services” in the field of e-commerce and food tech. He cited as an example subsidiary banks in Kazakhstan and Belarus, where SberPrime subscriptions with Okko and SberSvuk were launched.
Sberbank Europe AG announced in early November that it had signed an agreement to sell subsidiary banks in Bosnia and Herzegovina, Croatia, Hungary, Serbia and Slovenia. The deal may be with AIK Banka ad Beograd, Gorenjska Banka dd, Kranj and Agri Europe Cyprus Limited. The total assets of the subsidiaries are estimated at € 7.3 billion. The transaction amount may amount to € 500 million.
.