Notification of Initiating Resolution Proceedings against Sberbank BH d.d. Sarajevo and a Temporary Suspension of the Settlement of Payment Obligations
In response to the events that occurred following the publication of sanctions relating to equity and banks that are connected to the Russian Federation, the Banking Agency of the Federation of Bosnia and Herzegovina undertook key activities within its powers defined in the Law on the Banking Agency of the Federation of Bosnia and Herzegovina and the Banking Law and passed on 01 March 2022 Decision number: 04-2-2-653/22 on Initiating Resolution Proceedings against Sberbank BH d.d. Sarajevo and Decision number: 04-2-2-654/22 on a Temporary Suspension of the Settlement of Payment Obligations. As of 01 March 2022, the model for a lasting solution to the issue of continuation of operation of the Sberbank BH d.d. Sarajevo as a going concern was finalized through a transfer of the ownership from the Sberbank Europe AG to the domestic company ASA Finance d.d. Sarajevo. Appreciating the options provided by the Banking Law and based on all available and analyzed options, a plan based on an offer submitted by the ASA Finance d.d. Sarajevo was adopted.
The adopted model ensures complete security and continuity of the Bank's operations through a transfer of the ownership and provision of required models for the Bank’s strengthening. The Bank will operate within the ASA Banking Group, with the domestic company ASA Finance d.d. Sarajevo as the majority owner of the Bank. Allowing this transaction to go forward has resulted in the creation of a banking group, which is the fourth largest banking group in the Federation of Bosnia and Herzegovina in terms of capital and assets. For the purpose of implementing all necessary activities and in accordance with the Banking Law, the Banking Agency of the Federation of Bosnia and Herzegovina has fixed a 48-hour timeframe for adjustment of operations, starting from 02 March 2022, from 0 hours and 1 minute.
During this adjustment period, the Bank is required to ensure unhindered access to the ATM network and availability of card operation services. It is estimated that the branches will remain closed no later than until 04 March 2022, until 8:00 hours. All previous risks associated with the previous owner of the Sberbank BH d.d. Sarajevo have been eliminated as a result of the decisions and measures of the Banking Agency of the Federation of Bosnia and Herzegovina referred to above, as well as the willingness of the ASA Finance d.d. Sarajevo. The Bank’s stability has been preserved, as well as the protection of clients and depositors.
A DECISION on Initiating Resolution Proceedings against Sberbank BH d.d. Sarajevo