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Sberbank to merge Ukrainian subsidiaries

      RBC, 26.11.2012, Moscow 11:34:06.Russia's largest lender Sberbank has abandoned the idea of selling the newly-acquired Ukrainian branch of Volksbank and intends to fold it into its local subsidiary in order to roll out a uniform network across the country, RBC Daily reported today.

      "Selling Volksbank's business in Ukraine was an option, and Sberbank received proposals to sell it, but having examined these bids, we have decided to consolidate our assets," Sberbank's Deputy CEO Sergey Gorkov said at the Frankfurt Financial Week. He declined to elaborate which players were looking to buy Volksbank's Ukrainian branch, while sources in the banking industry pointed to Ukraine's Delta Bank and Russia's Alfa Bank.

      Gorkov went on to say that Sberbank's existing business in Ukraine is expected to be merged with the Volksbank branch in 2013.

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