However, the transaction still needs to be given the green light by the Anti-monopoly Office (PMU) and the European Central Bank.
“The decision to sell Sberbank Slovensko is in line with a strategic reassessment of markets featuring Sberbank Europe,” stated Sberbank Slovensko in a press release, as quoted by TASR, adding that the price of the stake is confidential.
Binder Groesswang served as the legal advisor for Sberbank Europe AG in this transaction.
Penta is already present on the Slovak banking market via its own Privatbanka (since 2007), which focuses on providing private banking services, and via a majority stake in Prima Banka (since 2011), formerly called Dexia Banka.
Sberbank Slovensko has 665 employees and posted a balance of €1.86 billion at the end of 3Q15.
Disclaimer: Penta financial group has a 45-percent share in Petit Press, the co-owner of The Slovak Spectator.
18. Dec 2015 at 7:42 | Compiled by Spectator staff