Sberbank to sell Kazakhstani subsidiary to local holding Baiterek
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The Batyerek National Management Holding, subordinated to the government of Kazakhstan, will buy out Sberbank’s subsidiary, Sberbank Kazakhstan. The parties have already signed a sale and purchase deal, which they plan to close in the near future. “Sberbank has decided to withdraw from the Kazakhstani market, guided by the current geopolitical situation and acting in the interests of the subsidiary bank’s customers,” says a press release from Sberbank (available from “b”). The text specifies that the bank will continue to fulfill its obligations to customers and maintain the current conditions of banking services. “The deal will allow the bank to fully resume active operations, attract deposits and make payments, as well as continue developing products and services for the population and businesses,” the report says. Last week, Kazakh Finance Minister Yerulan Zhamaubayev announced the republic’s interest in Russia’s share in the Eurasian Development Bank (EDB). Russia currently accounts for 39% of the financial…
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