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Russia's Sberbank to leave European market

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Russia's largest lender, Sberbank, is leaving the European market as its subsidiaries there face large cash outflows and threats to the safety of employees and property, the bank said today.

Russia's largest lender Sberbank is quitting almost all European markets, blaming big cash outflows and threats to its staff and property following Russia's invasion of Ukraine and Western sanctions.

Russian central bank governor Elvira Nabiullina said the country's economy faced an extreme situation,."In the current situation, Sberbank has decided to leave the European market," the bank said in a statement."The group's subsidiary banks have faced abnormal cash outflows and threats to the safety of its employees and branches."

Sberbank had European assets worth €13 billion as of December 31, 2020, and operations in countries including Austria, Croatia, Germany and Hungary among others.

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