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Sberbank is coordinating sale of its subsidiary in Slovakia with regulator — CEO

May 27, 2016, 11:30 UTC+3

According to the official, the decision was prompted by the challenging situation in the Central and the East Europe, as well as sanctions against the bank

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MOSCOW, May 27. /TASS/. The transaction on divestment of Sberbank’s subsidiary in Slovakia undergoes coordination with the regulator, Chief Executive Officer of the Bank Herman Gref said on Friday.

"The challenging situation in the Central and the East Europe and sanctions against us highly affected our business and resulted in losses of our bank in Europe. We made a decision to revise our strategy in the range of European nations and made an agreement on sale of our subsidiary bank in Slovakia. The transaction currently undergoes coordination with the regulator," Gref said.

It was reported at the end of the last year that Sberbank signed an agreement on sale of 99.5% of shares in Sberbank Slovensko to Penta Investments.

Sberbank will try to keep investments in Ukraine

Deputy CEO of the bank Svetlana Sagaidak noted that Sberbank would try to keep its investments in Ukraine despite political complications.

"We should keep investments despite al complications present there. Our task is to maximize returns on the investment, maximize keeping of our asset there and suggest a proper presence, withdrawal or sale strategy," she said.

The meeting with the Chairperson of the National Bank of Ukraine Valeria Gontareva was held last week, Sagaidak said. "She confirmed the level of provisions established meets their expectations and assessments. They are satisfied with the system in the bank and have no questions to us," she added.

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