Posted on 03/01/2022 5:02:35 PM PST by marcusmaximus
The European arm of Sberbank (SBER.MM), Russia's biggest lender, has been closed by order of the European Central Bank, which had warned it faced failure due to a run on deposits after Russia invaded Ukraine, Austria's Financial Market Authority said.
The European Central Bank's Single Resolution Board (SRB) determined earlier this week that Sberbank Europe, which is based in Vienna, was failing or likely to fail. That prompted Austria's FMA on Monday to impose a moratorium on the bank's activities.
The FMA's announcement late on Tuesday that it was ordering the bank to close came just over an hour before that moratorium was due to expire.
"By order of the European Central Bank (ECB), the Austrian Financial Market Authority (FMA) issued a decision today banning the licensed credit institution 'Sberbank Europe AG' ... from continuing business operations in their entirety with immediate effect," the FMA said in a statement at 10:45 p.m. (2145 GMT).
(Excerpt) Read more at reuters.com ...
Bkmk bank
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