PRAGUE, April 30. /TASS/. Sberbank CZ, a member of Sberbank Europe banking group, did not dispute the revocation of its banking license by the Czech National Bank, CTK news agency said.
The deadline for Sberbank CZ to dispute the decision of the license revocation with a special banking commission and the Board of the National Bank expired on Friday. The Czech financial regulator is to formally announce on the first business day of the coming week that cancellation of the license of Sberbank CZ becomes effective.
On February 28, the Czech National Bank initiated the process of revoking the banking license from Sberbank CZ. The financial regulation made the decision in view of the situation with Sberbank CZ liquidity due to proactive closing of deposits by clients amid the conflict in Ukraine.
Russia’s Sberbank announced the withdrawal from the European market in early March because of the "abnormal outflow of funds" and inability to supply liquidity to its European subsidiaries.