Sberbank leaves European market
In light of the current situation Sberbank has taken the decision to withdraw from the European market.
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The group’s subsidiary banks have faced an exceptional outflow of funds and a number of safety concerns regarding its employees and offices.
Furthermore, due to a directive from the Central Bank of Russia, Sberbank of Russia cannot provide liquidity to its European subsidiary banks.
At the same time, Sberbank’s subsidiary banks remain highly capitalized with high-quality assets and customer deposits remain insured in accordance with local legislation. The bank has enough assets to execute payments to all of its depositors.