Sberbank hopes EU sanctions against it will be softened in late 2016-2017

Russia's Sberbank hopes sanctions introduced against it by the European Union will be softened late in 2016 - early 2017, deputy CEO Alexander Morozov said on Friday.

Russia's Sberbank hopes sanctions introduced against it by the European Union will be softened late in 2016 - early 2017, deputy CEO Alexander Morozov said on Friday.

"We are looking forward to relaxation of EU sanctions against Sberbank Group at the turn of this year - early next year. We do not put this into forecasts but hope so," he said.

Sberbank’s European subsidiaries show quarterly profit first time

According to the bank's another deputy CEO, Svetlana Sagaidak,  Sberbank’s European subsidiaries have shown quarterly profit for the first time.

"The quarterly profit was posted for the first time," she said.

Sberbank’s subsidiary in Turkey DenizBank earned 7.4 bln rubles [$112.7 mln] of profit in the first quarter of 2016 and its subsidiary in Ukraine ended the first quarter with profit of 160 mln rubles [$2.4 mln], Sagaidak added.

First published by TASS.

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