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Sberbank sells Ukrainian subsidiary for price lower than company's capital size — CEO

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MOSCOW, April 5. /TASS/. The price of the deal on selling Ukrainian subsidiary of Russia’s largest savings bank Sberbank to a consortium of investors was lower than the Ukrainian bank’s capital, Herman Gref, head of Sberbank told reporters.

"It is lower than the amount of the capital that we are selling it," Gref said.

On March 27 Sberbank said it had signed an agreement on selling 100% of shares in the Ukrainian affiliation to a consortium of investors comprising Latvia's Norvik Banka owned by Grigory Guselnikov and a private Belarusian company of Said Gutseriyev (Russian billionaire Mikhail Gutseriyev’s son). According to a source in Sberbank, it is planned to complete the deal on sale of the Ukrainian subsidiary before the end of May.

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