Gref complains that because of sanctions, Sberbank is selling its best asset
Russia's Sberbank has been forced to halt its international strategy due to sanctions, as it has lost the ability to raise dividends, reports a PolitNavigator correspondent.
The head of the bank, German Gref, spoke about this on the Rossiya 1 TV channel.
“We earned more than a billion dollars in net profit abroad, and after the introduction of sanctions, even in those countries where we earn large profits, we lost the opportunity to raise dividends,” Gref said.
He cited Turkey as an example. “Our Turkish bank was making at least $500 million a year. While under sanctions, we cannot withdraw dividends from our Turkish bank,” Gref noted.
Over the past year, the Turkish bank earned more than 500 million in net profit, the Russian PJSC Sberbank paid its shareholders, including the Central Bank, 43,5 percent of this amount. “I didn’t receive a penny,” explained the head of Sberbank.
“This deprived us of any motivation or incentive to engage in international activities. That’s why we have now signed an agreement to sell our best asset, a Turkish bank,” Gref complains.
He believes that this would never have happened if not for the current geopolitical situation.
English version :: Read in English Gref complains that Sberbank is selling its best asset due to sanctions