Sber to sell its business in Kazakhstan

Russia’s Sber will sell its business in Kazakhstan to the local National Management Holding Baiterek, the buyer company reports on its website.

“Sberbank has decided to withdraw from the Kazakh market, taking into account the current geopolitical situation and acting in the interests of its subsidiary bank,” Baiterek stated.

“The bank will continue to fulfil its obligations before its clients,” the statement reads. The terms of use will remain the same. Following the deal, the bank will be able to resume active operations and payments in the near future. Its employees will retain their positions at the new company.

The parties plan to close the deal in the near future. The acquisition price is unknown.

Sber came under a wave of sanctions following the start of the Russian invasion of Ukraine. EU member states, the US and the UK introduced tough restrictions against the bank.

Sber also sold its streaming service Okko. It also lost control of SberZvuk, the Speech Technology Centre, Evotor and SberCloud.