A consortium of investors that includes Norvik Bank (Latvia) and a Belarusian private firm has agreed to acquire the Ukrainian subsidiary of Russian lender Sberbank.

Sberbank said that the deal will not have a material impact on its consolidated results.  

However, a loss on investments into the capital of the Ukrainian subsidiary will be reflected in its financial results under Russian accounting standards.

 “SBERBANK PJSC (Ukraine) has all the necessary means to fulfill its liabilities to private and corporate clients. We hope that the decision to sell our subsidiary bank will help to unblock its offices and to renew its normal work, which will allow the bank’s customers to continue using the services of one of the most stable and efficient banks in Ukraine without interference, and will create a basis for its further development,” Sberbank said in a statement.

The transaction is slated to be completed in the first half of 2017, subject to approvals from financial and antimonopoly regulators in Latvia and Ukraine.

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