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Sberbank sells its subsidiary in Kazakhstan to local holding Baiterek

The amount of the deal is not disclosed

MOSCOW, September 2. /TASS/. Russia’s largest savings bank Sberbank has sold Sberbank Kazakhstan, its subsidiary in Kazakhstan, to the local holding Baiterek, the Russian bank said in a statement on Friday.

The amount of the deal is not disclosed.

According to the statement, transaction was made on mutually acceptable financial terms and received all the necessary regulatory approvals.

The Kazakh bank will continue to fulfill all its obligations to customers, all conditions for banking products for existing customers will remain unchanged.

According to the statement, the Baiterek holding appreciates the high importance of the bank for the country's financial system.

"Sberbank Kazakhstan's modern infrastructure and technologies allow it to fully carry out its activities and continue financing the real sector of the country's economy. The deal will allow the bank to fully resume active operations, attract deposits and make payments, as well as continue developing products and services for the public and businesses," the statement says.

Rebranding of Sberbank Kazakhstan is planned in the near future.