Sberbank will sell its “daughter” in Kazakhstan and leave its market. The company will be bought by the country’s government represented by the Baiterek holding company. The decision to sell was made based on the geopolitical situation, Sberbank said.
Both parties to the transaction reported on the sale of a subsidiary of Sberbank in Kazakhstan to the Baiterek holding company. Without conditions, the terms of completion of the transaction are not specified.
Sberbank noted that they made a decision, including being guided by the current geopolitical situation. Sberbank Kazakhstan has sufficient liquidity and a high-quality loan portfolio, the bank emphasized. Sberbank has called its subsidiary one of the key participants in the financial market for “many years.”
Sberbank Kazakhstan will buy the Baiterek holding company, which is 100% owned by the government of Kazakhstan. The holding company already has credit entities in its assets. Baiterek clarified that they would fulfill the obligations of Sberbank Kazakhstan and maintain the conditions of the products for the clients.
Today, August 23, Sberbank has divided the O2O Holding joint venture with VK. Sberbank got all the services of the company, except Delivery Club. The food delivery service received VK and later announced its sale to Yandex and the purchase of Novosti and Zen.
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