Update from our Sberbank Task Force

On 14 April 2022 the Czech National Bank (CNB) decided to revoke the banking license of Sberbank CZ.  Sberbank CZ did not use the statutory fifteen-day deadline for filing an appeal. Therefore, the decision took final legal effect as of 30 April. As a result, Sberbank CZ is prohibited from accepting deposits, granting loans, and carrying out other activities except those necessary to settle its claims and liabilities.

On the CNB’s motion, the Municipal Court in Prague appointed Jiřina Lužová, who had previously led the liquidation of another Czech bank with Russian roots (ERB Bank) as the bank’s liquidator. Following the liquidator’s appointment, the liquidation process of the bank will begin.

The liquidator will assess the solvency of Sberbank CZ and, depending on the outcome of this assessment, either liquidation of the bank or insolvency proceedings will be initiated. The liquidator will start to liquidate the assets of Sberbank CZ and gradually satisfy creditors from the proceeds of the asset sale. In the liquidation, creditors are satisfied on a pro-rata basis and in the insolvency proceedings in accordance with the order provided for by the Czech Insolvency Act.

Our Sberbank Task Force is headed by Radek Werich

Please feel free to contact him at werich@giese.cz

06.05.2022
by Giese & Partner