May 23, 2018 / 8:05 AM / in a year

Russia's Sberbank plans to scale down Europe operations - CEO

MOSCOW, May 23 (Reuters) - Russian state lender Sberbank plans to scale down its business operations in Europe after it agreed to sell its Turkish subsidiary Denizbank, the bank’s chief executive German Gref said on Wednesday.

Sberbank, Russia’s largest bank, would never have sold Turkey’s Denizbank if it had not been for Western sanctions imposed on Russia, Gref said in comments broadcast on state television.

Gref said the deal to sell Denizbank to Dubai’s biggest lender Emirates NBD would be completed at the end of the third quarter or in the fourth quarter. (Reporting by Andrey Ostroukh Writing by Tom Balmforth Editing by Andrey Ostroukh)

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