10:23 29.03.2017

Ukrainian subsidiary of Russia's Sberbank estimated at $130 mln

The deal to sell the Ukrainian subsidiary of Russia's Sberbank cost slightly less than its capital - about $130 million, the Kyiv-based 112.ua TV channel reported with reference to the Russian publication Kommersant.

"We are talking about $130 million, which is comparable with the capital of the Ukrainian PJSC Sberbank, which according to its international reporting for January-September 2016, was $144 million. According to Kommersant sources, all funds will be transferred to the buyer as soon as the sales contract enters into force," the publication said.

The source of the publication said that Sberbank had led the negotiations with these investors since the end of 2016. Initially, a larger deal was announced, but the price was affected by sanctions against Russian banks introduced by Ukraine's President Petro Poroshenko in mid-March, as well as by the blockade of Sberbank's offices by activists in various cities of Ukraine.

As reported, Sberbank of Russia announced on March 27 the plan to sell 100% in the Ukrainian subsidiary bank to a consortium of investors, which will include Latvia's Norvik Banka and a Belarusian private company, the corresponding legally binding agreement was signed on March 27.

AS Norvik Banka and its main shareholder, British citizen Grigory Guselnikov, the son of Russian tycoon and owner of Russneft oil company Mikhail Gutseriev, signed an agreement on participation in an investment consortium to acquire the Ukrainian division of Russia's Sberbank. Thus, Gutseriev and the Belarusian company he owns have become the majority shareholder of the new consortium.

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