A COURT IN PRAGUE DECLARED SBERBANK'S SUBSIDIARY BANKRUPT

Last Friday, the verdict on the bankruptcy of Sberbank CZ was adopted by the city court of the Czech capital. The "daughter" of the Russian Sberbank, who worked in the Czech Republic, was declared insolvent. The court's decision assumes that now all the property of the organization will be sold at auction in order to try to partially satisfy the obligations of Sberbank-Czech Republic to creditors at the expense of the proceeds.

According to the STK agency, the Czech "daughter" was part of the Sberbank Europe banking group. The case itself was initiated back in July 2022. It was then that it became clear that the bank owed about €2.5 billion (61.76 billion Czech crowns). In June, the credit institution missed the deadline for repayment of obligations by 42.3 billion kronor (about € 1.7 billion).

It is already known that the court decision caused dissatisfaction on the part of the bank's borrowers. They filed a corresponding complaint. The court is due to consider her on October 6. The first meeting of Sberbank CZ creditors is scheduled for this date. The court appointed Yirzhina Luzhova as the arbitration manager of the organization.

It follows from her report that the most valuable assets of the bank were the rights of claim. They are addressed to 49 thousand recipients. Their total amount exceeds $2 billion (more than 50 billion crowns).

Finances in the bank were held not only by Czech citizens and some enterprises. Also, accounts in a credit institution were opened in a number of municipalities of the country. In particular, 53 million crowns were in the accounts of the Pardubice region, 72 million crowns in the city of Svitavi, 2.4 billion crowns ($97 million) were stored in the bank of the Vysochina region.

Problems at the Czech "daughter" of Sberbank began at the end of February. The organization was forced to stop the work of a number of branches after customers began to withdraw deposits en masse, and individual bank employees were attacked. In March, the bank left the European market, worried about the safety of its staff. The only exception was Switzerland.

In May, the organization's license was revoked by the decision of the national regulator of the Czech Republic. The consequence of this was the decision of the Prague City Court to liquidate Sberbank CZ. It is curious that the Russian Sberbank is the owner of the Czech bank purely formally. This means that the assets of the Czech structure do not fall under EU sanctions against the Russian Federation.