Sberbank CZ is About to Vanish

What should clients and creditors do now?

Only a few days after the Russian invasion of Ukraine and the resulting European sanctions on Russian banks, the Czech subsidiary of Sberbank collapsed. The Czech National Bank revoked its banking license and Sberbank CZ entered into liquidation. Giese & Partner have set up a Sberbank Task Force to help our clients, who are affected by the Sberbank collapse. The current situation of the bank is this:

Sberbank CZ may not accept any deposits, provide loans or carry out any other activities, except for those necessary to settle its receivables and payables. However, until it settles its receivables and payables, Sberbank CZ is still considered a bank and its clients are obliged to repay their obligations. All agreements concluded with Sberbank CZ remain valid and effective. The liquidator of Sberbank CZ has asked all creditors to register their claims before 9 September 2022 by sending their applications either by post or to the Sberbank CZ data box.

Also, the liquidator has asked investors to provide offers for Sberbank CZ´s business. Reportedly, PPF/Air Bank provided the highest bid with 52.4 bln CZK, followed by Česká spořitelna with 52 bln CZK and ČSOB as third bidder. ČSOB is said to be interested only in Sberbank CZ´s portfolio of mortgage loans and thus offered only 30 bln CZK.

A decision has not yet been made, but the liquidator of Sberbank CZ stressed that the goal is to sell the bank as such and not to cut it into pieces. In any case, we will keep you posted.

By Martin Holler and Mgr. Radek Werich

Download

Author