NBU rejects Belarusian bank's motion to acquire Russian Sberbank's Ukrainian subsidiary

The National Bank of Ukraine (NBU) has rejected the motion by a Belarusian state-owned Paritetbank to acquire a substantial stake in the Russian Sberbank's Ukrainian-based subsidiary.

A decision is due to the applicant's incompatibility with the requirements of Ukrainian legislation, according to a statement published on the NBU website.

"The National Bank informed the applicant of its decision and also discussed with the new management of Ukrainian-based PJSC Sberbank the issue of the bank's further strategy in Ukraine," the regulator said.

Read alsoNBU prolongs sanctions against Russian banks' subsidiaries in UkraineAs UNIAN reported, in December 2017, the Belarusian state-owned Paritetbank applied to the National Bank of Ukraine to agree on the purchase of a 100% stake in Russian Sberbank's subsidiary in Ukraine.

UNIAN memo. Paritetbank was founded in 1991. It ranked 15th in terms of assets in the Republic of Belarus, which is the major shareholder of the financial institution (99.83%), while the remaining 0.17% of shares belong to more than 2,500 individuals.

Russian Sberbank's subsidiary has been operating in Ukraine since 2001, being one of the largest financial institutions in terms of assets.