Sberbank, Russia’s state-owned banking giant, decided to withdraw its business from several countries in Europe as the bank finds it difficult to stand the pressure from EU sanctions. In particular, Sbrebank is facing strong pressure from the European financial regulator. The decision was announced by CEO German Gref in an interview with the Russia 24 TV channel.
Headquartered in Vienna, it is presented in the EU as Sberbank Europe and runs a network of subsidiaries. Until now, Sberbank offices have been situated in Slovakia, the Czech Republic, Hungary, Slovenia, Croatia, Bosnia and Herzegovina, Serbia, Ukraine, Germany, and Switzerland.
Citing German Gref, “Although we’re a small bank in Europe, we are attributed to systemically important banks under the direct control and supervision of the European Central Bank. This is, of course, very complicated for the little bank.”
