European subsidiary of Russia's Sberbank to enter bankruptcy: regulator
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[FRANKFURT] The European subsidiary of Russia's Sberbank will be wound up after coming under pressure from Western sanctions levelled against the bank in response to Moscow's invasion of Ukraine, European banking regulators said on Tuesday.
The Austrian subsidiary of Russia's biggest lender Sberbank Europe AG would be allowed to enter normal insolvency proceedings, the Single Resolution Board said in a statement, while branches in Croatia and Slovenia were sold to local banks. AFP
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