Sberbank Europe enters insolvency
Subsidiaries in Croatia, Slovenia and Bosnia sold off as sanctions cripple Russian lender
Regulators put Sberbank’s European subsidiary into insolvency proceedings on March 1 after determining that a resolution process was not needed.
The Austrian-headquartered bank will enter insolvency based on national law. Its subsidiaries in Croatia, Slovenia and Bosnia are all being sold off to local financial institutions.
Elke König, head of the eurozone’s Single Resolution Board, said the decisions would ensure financial stability without the need for public funds. “This was a complex
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