Sberbank leaves Kazakhstan because of war with Ukraine

The Russian Sberbank decided to leave the Kazakhstan market and is negotiating to sell his subsidiary to the Baiterek state holding, said the head of the Republic of the Republic for the regulation and development of the financial market Madina Abykasymova, reports The Insider with reference to Kazinform.

According to Abykasymova, the reason was the sanctions imposed against Sberbank because of the war in Ukraine. “He had been closed with correspondent accounts in foreign banks, and the possibility of attracting new funding was also limited. In this regard, Sberbank decided to sell his subsidiary in Kazakhstan. Currently, corresponding negotiations with Baiterek holding are underway to sell the bank” , – said Abykasymova.

The head of the agency did not disclose details of the transaction, emphasizing that the most important thing for state bodies is proper legal support.