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Sistema is planning to sell Luxembourg-based East-West United Bank

The transaction price will be determined based on the results of an independent assessment

Building of the joint-stock financial corporation "Sistema" Sergey Savostianov/TASS

Building of the joint-stock financial corporation "Sistema"

© Sergey Savostianov/TASS

MOSCOW, April 11. /TASS/. Russian investment major Sistema is planning to sell the Luxembourg-based East-West United Bank, according to the company's 2022 IFRS annual report.

In October 2022, the group decided to sell a 100% stake in EWUB, the statement said. The transaction price will be determined based on the results of an independent assessment, the company added.

Sistema plans to complete the sale in 2023. The company also estimated losses on depreciation of EWUB at 1.47 bln rubles ($18 mln).

Sistema is a Russian investment company with a diversified portfolio of assets in such industries as telecommunications, high technology, IT, e-commerce, timber processing, agriculture, real estate, tourism, pharmaceuticals and medical services. The company was founded in 1993.

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