The bank was approved to sell the majority of its asset portfolio and to continue with an orderly wind down.

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Sberbank Europe AG repays all deposits

MMag. Dr. Gerd Konezny, who was appointed by the Austrian Financial Market Authority (FMA) as government commissioner, has provided the approval to Sberbank Europe AG to sell the majority of its asset portfolio. Hence, Sberbank Europe AG continues with an orderly wind down.

"Thanks to the tireless efforts of our team, an insolvency of Sberbank Europe AG had been avoided and the best result was achieved for our customers, employees, cooperation partners and, last but not least, for the Austrian financial market. Due to the closed transactions, Sberbank Europe AG was able to fully repay the deposit guarantee sum of EUR 926 million paid out to our customers by Einlagensicherung Austria (ESA) to ESA.

In addition to the covered deposits of up to EUR 100,000 per customer, all remaining savings deposits will now be paid out in full to our customers by our bank. Therefore, neither ESA nor other banks have to pay for the deposits of Sberbank Europe customers. I would like to thank to MMag. Dr. Gerd Konezny, who significantly supported this decision in his function as government commissioner, to the FMA and the ECB for the constructive cooperation as well as to our team at Sberbank Europe AG, which has worked on this solution under high pressure during the past very challenging weeks,” comments Sonja Sarközi, former CEO of Sberbank Europe AG and now liquidator of the company.

As a result of the Ukraine conflict and the related liquidity shortage as well as the FOLTF-decision of the ECB, Sberbank Europe AG was completely prohibited from continuing its business operations on 1 March 2022 with immediate effect and appointed the auditor and lawyer MMag. Dr. Gerd Konezny as government commissioner. The official ban on continuing business operations triggered the statutory deposit insurance case. ESA then paid out secured deposits of up to EUR 100,000 to the customers of Sberbank Europe AG. Thanks to the approved asset deals and the decision in favor of an orderly liquidation, the bank has already been able to repay the deposit guarantee sum to ESA and will shortly begin paying out all savings deposits to its customers that have not already been covered by ESA. Sberbank Europe AG also fully repaid its total liabilities of EUR 428 million to the Austrian National Bank (OeNB) and the ECB.

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