British national Gutseriyev main buyer of Sberbank’s Ukrainian affiliation

A branch of Russia's Sberbank in Odessa.

A branch of Russia's Sberbank in Odessa.

Denis Petrov / RIA Novosti
Bank sells 100% stake in Sberbank Ukraine to Latvian-Belarusian consortium

British national Said Gutseriyev has become the majority shareholder of the Latvian-Belarusian consortium, which has purchased the Ukrainian affiliation of Sberbank, through a Belarusian company he owns, Latvia’s Norvik Banka, the other party to the consortium said in a report.

"Said Gutseriyev, a national of the UK, and the Belarusian company he owns has become the majority shareholder of the new consortium," the bank said.

"The transaction will enable the Ukrainian customers to enjoy the services based on the European principles of quality, transparency and accessibility and to maintain the levels of technology created by the Sberank of Russia."

Along with the main transaction, Norvik Banka, Latvia’s bank number seven in terms of assets, has announced a range of steps to cut down its presence in the Russian banking sector - a measure it hopes will help raise the efficiency of investment and eliminate a number political risks arising from the geography of its operations.

The report quoted Said Gutseriyev as saying Sberbank Ukraine had a perfect structure, as its previous owner, Sberbank of Russia, had invested hundreds of millions of dollars in the platform of the affiliation. Gutseriyev also said his own experience prompted him that by taking the decision to participate in the consortium the constituent parties made farsighted and promising investment, while the bank as such would be able to make a great leap forward and to implement many advanced projects in Ukraine and in neighboring European countries.

Sberbank of Russia said earlier it was selling 100 percent stake in Sberbank Ukraine to a consortium consisting of a Latvian Bank and a Belarusian company.

Under the pressure of nationalists blocking the Ukrainian affiliations of several banks belonging to Russian lending institutions, President Petro Poroshenko imposed sanctions on five banks with Russian funding - Sberbank, Prominvestbank, VTB, BM Bank, and VS Bank - for a period of twelve months as of March 16. The sanctions ban the withdrawal of assets outside of Ukraine, the payment of dividends, as well as the return of interbank deposits and loans and monies from the correspondent accounts of subordinated debts. The restrictions, however, did not embrace transactions between Ukrainian residents and their agents who have accounts in the parent companies.

Source: TASS

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