Sanctions force Sberbank to close in Europe.
Sberbank Europe part of Sberbank of Russia will close its activities in Europe.
By selling loans to other banks, Sberbank Europe, which operated under an Austrian license from Vienna, paid a sum of 3 million euros to Deposit Insurance Austria (ESA), which has so far paid more than 900 million euros for Sberbank customers.
ESA will cover the deposits of about 34,800 customers from Germany who used Sberbank Direct online services.
The bank held an extraordinary shareholders’ meeting on April 21, at which the decision was made to dissolve and close the branch in Europe.
Loans from Sberbank Europe were purchased mainly from the Austrian bank Bawag, Anadi Bank and Komunalkredit, but also from the Turkish bank Deniz.
Thus, the regular closure of Europe Sberbank will be completed by the end of the year.
Sberbank Europe got into trouble due to sanctions against Russia, after the competent Austrian authorities banned the bank from operating from March 1.