15:27 21.12.2016

Sberbank not planning to leave Ukrainian market for now - Gref

Sberbank of Russia is not planning to withdraw from the Ukrainian market for the time being, CEO Herman Gref said in an interview with Rossiya 24 television.

"Overall, we will continue to operate in Ukraine. Our assets are shrinking, we do not see any outlook for a swift departure from the market. We continue operating," Gref said. Sberbank's eponymous subsidiary in Ukraine is operating under truly difficult conditions. "Virtually every week one incident or another occurs," he said.

The nascent nationalization of PrivatBank, one of the biggest banks in the sector, has had an impact on Ukraine's banking sector.

"The situation is difficult, of course. Everything that took place with PrivatBank stirred up a wave among the public. Therefore, I think that for some period of time there will be instability with retail clients and corporate clients," he said, adding that the government's move to take over PrivatBank came as no surprise to specialists.

The subsidiary, PJSC Sberbank, founded in 2001, is wholly owned by Sberbank of Russia.

Sberbank was the 7th biggest bank in Ukraine by assets (totaling UAH 47.845 billion) out of 108 active banks in Ukraine, according to National Bank of Ukraine data as of July 1, 2016.

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