(Adds details on the buyer)
MOSCOW, March 27 Russia's biggest bank Sberbank
is selling its subsidiary in Ukraine to a consortium
of investors, which include Norvik Bank (Latvia) and a
Belarussian private company, Sberbank said in a statement on
Ukraine recently imposed sanctions on Sberbank and other
Russian state-owned banks operating in Ukraine as part of a
broader flare-up in tensions linked to separatist regions of
eastern Ukraine which are backed by Russia.
Sberbank's Ukrainian offices were also the target of
"Sberbank PJSC (Ukraine) has all the necessary means to
fulfill its liabilities to private and corporate clients. We
hope that the decision to sell our subsidiary bank will help to
unblock its offices and to renew its normal work," Sberbank said
in the statement.
Norvik Bank said in a separate statement that it and its
main shareholder Grigory Guselnikov had signed an agreement on
taking part in the investment consortium.
The majority owner of the consortium will be Said Gutseriyev
and his Belarussian company, Norvik Bank added. Said Gutseriyev
is a son of Mikhail Gutseriyev, co-owner of Russian mid-sized
oil producer Russneft.
Sberbank did not disclose the price of the deal but said it
was expected to close in the first half of 2017 after receiving
approval by the financial and anti-monopoly regulators of
jurisdictions including Latvia and Ukraine.
The sale will not have a material effect on Sberbank's
consolidated results according to international reporting
standards. However, a loss on investments into the capital of
Sberbank's Ukrainian subsidiary will be reflected in its
financial results under Russian accounting standards, it added.
Sberbank Chief Executive German Gref said last week the bank
was looking "very actively" at options for a quick exit from
Ukraine and that Sberbank's loan-loss provisions in Ukraine made
up around 70 percent of its potential losses.
(Reporting by Polina Devitt; Editing by Alexander Winning)