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Sberbank halts operations of London office — bank

The decision to close the office was made according to results of reassessment of the economic potential of presence of Global Markets business unit in the United Kingdom, the press service said

MOSCOW, April 1. /TASS/. Sberbank will terminate operations of their London office in conclusion of reassessment of its economic potential, the credit institution’s press service said on Friday.

"Sberbank terminates operations of its London office - Sberbank CIB (UK) Limited. We are in contact with the local regulator FCA and will complete our operations in line with requirements of legislation, fulfilling all the obligations to clients. The decision to close the office was made according to results of reassessment of the economic potential of presence of Global Markets business unit in the United Kingdom. Key employees of the company continue discharging their functions," Sberbank said.

A UK court approved transfer of Sber CIB under external administration because of the impact of sanctions on Russia, Bloomberg said earlier today.