Sberbank (Switzerland) will be rebranded to TradeXBank. Credit: Gerd Altmann from Pixabay.

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Russian banking group Sberbank has sold its Kazakhstan subsidiary to local financial holding Baiterek for an undisclosed sum. 

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The Russian lender said it has wrapped up the deal on “mutually acceptable financial terms and all regulatory approvals have been received,” Interfax reported.

Following the transfer of ownership, Sberbank Kazakhstan is set to be rebranded. The terms of banking services for existing clients will remain unchanged. 

“Sberbank Kazakhstan’s modern infrastructure and technologies allow it to fully carry out its activities and continue financing the real sector of the country’s economy. The deal will allow the bank to fully resume active operations, attract deposits and make payments, as well as continue developing products and services for the public and businesses,” Russian news agency Tass quoted the bank as saying. 

Sberbank announced the sale of its Kazakh arm last month, citing the current geopolitical situation. 

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Shortly after the Russian invasion of Ukraine, Sberbank and several of its subsidiaries including those in Ukraine, Kazakhstan, and Belarus were sanctioned by the US authorities.

Baiterek is a government-backed development institution established to drive entrepreneurship, support the agro-industrial sector and provide housing.

In a separate statement, the Swiss Financial Market Supervisory Authority FINMA announced that the Russian bank is selling Sberbank (Switzerland) to m3 Groupe Holding.

“FINMA is closely overseeing the transaction and has temporarily lifted its protective measures at Sberbank (Switzerland) AG to enable the transaction to be executed,” the Swiss regulator said.

The Swiss arm of Sberbank will continue its operations under the new name TradeXBank AG.