Latvia’s Norvik Banka and a Belarusian company will buy 100 percent of shares of Russia’s Sberbank subsidiary in Ukraine, the deal is expected to be closed in the first half of 2017, Sberbank said in a statement on Monday.

 

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Five Russian state-owned banks that operate in Ukraine, including Sberbank, have been recently hit with one-year sanctions from Kiev.

 

“A consortium of investors is buying a 100-percent stake in Sberbank subsidiary operating in Ukraine. The consortium comprises the Norvik Banka [Latvia] and a private Belarusian company,” the statement said.

 

The Sberbank added that the corresponding legally binding agreement was signed on Monday.

 

“The transaction is expected to be finalized in the first half of 2017 after receiving the approval of the transaction by financial and antimonopoly regulators of relevant jurisdictions, including Latvia and Ukraine,” the bank explained.

 

The bank expressed hope that the decision to sell the subsidiary would help unlock its offices in Ukraine and resume the normal operation of the bank.

 

 

 

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