Page 95 - RusRPTJul21

8.1.8 Sberbank news
Sber (formerly Sberbank) plans to reduce presence of its banking business in European countries over the next two years, due to the deteriorating geopolitical situation, First Deputy CEO of the bank Lev Khasis told TASS in an interview on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
"We are lowering our presence as the banking business in other countries in view of the geopolitical situation. We have already left Turkey. We already said we are viewing options related to reducing our presence in Europe. I believe [it will take place] in one - two years," the banker said.
Sber set up an autonomous bank that was under the regulation of the European Central Bank (ECB) during the booming noughties to facilitate trade and investment into Russia. However, the goal was to also build up a stand alone European bank that was focused on providing classic banking services to firms and individuals, especially in Central Europe.
Sber well capitalised its daughter Sberbank Europe AG, which was classed as a systemically important bank in Czechia and Hungary, but as relations deteriorated with the EU following the annexation of the Crimea its business
95 RUSSIA Country Report July 2021 www.intellinews.com