Sberbank Pulling Out Of The European Market Finbold
Sberbank is leaving the European market, according to a statement released by Russia’s top lender on Wednesday, March 2. Sberbank will not provide liquidity to European affiliates by the Russian Central Bank’s instruction. “Meanwhile Sberbank’s affiliates have a high level of capital and quality of assets, clients’ deposits are ensured in conformity with local law. The bank’s assets are sufficient for making payments to all depositors,” the bank reiterated. At the request of the European Central Bank earlier on Wednesday, Austria’s financial regulator prohibited the commercial activities of Sberbank Europe AG, Sberbank’s subsidiary....