Russia’s top lender Sberbank exits Europe due to sanctions, collapses on London stock exchange
Russia’s largest lender Sberbank decided to pull out its operations from the European market, blaming large cash outflows and expressing concern for the safety of its employees and properties amid the Russia-Ukraine crisis
By Arghyadeep Dutta
Published - Mar 02, 2022, 04:42 PM ET
Last Updated - Feb 16, 2024, 08:15 AM EST
• Sberbank had around $14.42 billion in assets in Europe at the end of 2020
• The bank said it has sufficient capital to pay to all of its depositors
Russia’s largest lender Sberbank decided to pull out its operations from the European market, blaming large cash outflows and expressing concern for the safety of its employees and properties amid the Russia-Ukraine crisis.
The state-controlled Sberbank’s share on London Stock Exchange plunged nearly 88.5% on Wednesday. The financial institution has lost 99.9% of its value since the start of the year.
