Sberbank sells subsidiary in Kazakhstan to Baiterek holding

Sberbank and the Kazakh national management holding, Baiterek, have signed a deal to buy and sell shares of Sberbank Kazakhstan, and the parties plan to close the deal in the near future, the Russian credit institution said in a statement.

The deal should allow the bank to resume full operations, attract deposits and render payments, as well as continue developing products and services for individuals and businesses.

"Sberbank has decided to exit the Kazakh market owing to the current geopolitical situation and acting in the interests of the subsidiary bank's clients. Sberbank Kazakhstan has an adequate liquidity reserve, a high-quality loan portfolio, and has been one of the key participants in Kazakhstan's financial market for many years," Sberbank said.

"When deciding to acquire Sberbank Kazakhstan, the Baiterek holding appreciated its high significance in the country's financial system. The modern infrastructure and technologies owned by the bank will allow the bank to return to full-fledged work in a short time, and begin financing the real sector of Kazakhstan's economy," according to the press release.

The bank will continue to fulfill all of its obligations to customers. All conditions for banking products for existing customers will remain the same.