OREANDA-NEWS Sberbank has closed the sale of a subsidiary in Austria, completely withdrawing from the European banking market, the credit institution said in a statement.

"Sberbank Group announces the closing of the transaction for the sale of 100% of the shares of the Austrian subsidiary Sber Vermögensverwaltungs AG in Abwicklung (formerly Sberbank Europe AG) to an Austrian company controlled by Stefan Zochling. Thus, the Beac has completely withdrawn from the European banking market," the report says.

All necessary regulatory approvals were obtained for the transaction. "The sale of our European subsidiary Sberbank Europe AG to a foreign investor is conditioned by the current situation in the world. We are satisfied with the terms of the deal reached. Beac is concentrating on the development of financial services in Russia, where we have 106 million loyal customers, and in friendly countries that are promising for us," commented Alexander Vedyakhin, First Deputy Chairman of the Board of Sberbank.