“Kommersant”: Sberbank refused to buy the trading network “Stockmann”

A major deal to buy Sberbank from the Stockmann chain of stores in Russia fell through due to Western sanctions against the bank. This has been reported “Kommersan” citing sources.

The contract of sale was canceled by mutual agreement of the parties, the general director of Stockmann Gennady Levkin and the representative of Sberbank told the publication.

At the same time, the newspaper’s interlocutor in investment circles expressed the opinion that the reason for the failure of the agreement may be the Western sanctions against Sberbank.

As the newspaper noted, the agreement to purchase Sber’s 100% stake in the chain of stores was signed in January of this year. Experts estimated the entire business of the network at 1–1.5 billion rubles. Despite the collapse of the deal, Sberbank claims that Stockmann products will be offered on SberMegaMarket.

Formerly Germany and some other EU countries requested To change the draft of the sixth package of sanctions against Russia prepared by the European Commission. In particular, Germany demanded the tightening of measures against Sberbank and the limitation of cooperation with the Russian Federation in the peaceful atomic field. The package proposed by the EC ensures that this Russian bank is disconnected from the international interbank SWIFT system.



Source: Gazeta

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Popular

More from author