Russian Bank Sberbank Leaving Croatia?
- New Europe Investor
- March 16, 2016
One of Europe’s largest lenders Sberbank, is reportedly planning to exit the Croatian market.
It is understood the reason for leaving is largely down to sanctions imposed on Russian business as a result of the annexation of Crimea in 2014.
It is understood that Sberbank is reorganising its European operations, and will be closing some of its smaller European branches in the process.
A scaling down of operations in Croatia would include the selling off of the local branch of Volksbank, which Ernst & Young are reportedly working with the bank at their Austrian offices to plan the move out of the region.
Despite Sberbank releasing a statement saying that it, “continues to develop its business model in central and eastern Europe aimed at creating a stable, profitable and self-financing banking group,” last year it sold its Slovakian branch to a local firm called Penta.
Reports suggest the bank could also look to sell operations in Hungary and Slovenia. Other regional markets it operates in include; Serbia, Czech Republic and Bosnia and Herzegovina.