Freshfields advises Sberbank of Russia on sale of subsidiary banks in CEE
Freshfields has advised Sberbank of Russia (Sber), as parent company for Sberbank Europe AG, a Vienna-based banking group, in connection with the sale of certain subsidiary banks in CEE to AIK Banka a.d. Beograd, Gorenjska Banka d.d., Kranj and Agri Europe Cyprus Limited. The subsidiary banks in the following jurisdictions are involved: Bosnia and Herzegovina (Sberbank BH d.d. Sarajevo and Sberbank a.d. Banja Luka), Croatia (Sberbank d.d.), Hungary (Sberbank Magyarország Zrt.), Serbia (Sberbank Srbija a.d. Beograd) and Slovenia (Sberbank banka d.d.), with total assets of EUR 7.329 bn, 162 branches and around 600,000 clients (as of YE 2020). The closing of the transaction is subject to approvals by national and international regulators as well as by national competition authorities and is expected to take place in 2022.
Sberbank Europe AG has decided to reduce its geographic presence in CEE in order to focus on key markets and explore new business models.
The Freshfields team was led by partners Mikhail Loktionov in Moscow, Farid Sigari-Majd and Florian Klimscha in Vienna, and included associate Roman Prudentov in Moscow, principal associates Daniel Lungenschmid, Katharina Kubik, Eric Leikin, and associates Maria Tumpel and Maximilian Hohenauer in Vienna.
More information on the deal can be found in the press release issued by Sberbank.