Russia’s Sberbank is a big step closer to ending an expensive, and ultimately unsuccessful, expansion overseas.The sale of its 99.9% stake in Turkey’s Denizbank to Dubai-based Emirates NBD is the latest and largest of a series of retreats from foreign markets. Sberbank is also trying, with little success, to wind down or sell subsidiaries in Ukraine, where its close association with the Russian state has badly affected business.Sberbank expanded aggressively at the start of the decade, looking to profit from the fact that it recovered from the 2008 financial crisis more quickly than many banks in eastern Europe. It bought …read more
Source: Gulf times
