ECB closes Sberbank Europe AG, headquartered in Vienna
- Depositors are protected by the Austrian deposit guarantee scheme
In view of the geopolitical tensions resulting from Russia’s attack on Ukraine, the Single Resolution Board (SRB) on 1 March 2022 prohibited Sberbank Europe AG, whose registered office is in Vienna, from continuing to do business with immediate effect. This means that a pay-out event within the meaning of the Austrian Deposit Guarantee Schemes and Investor Compensation Act (Einlagensicherungs- und Anleger-entschädigungsgesetz, ESAEG) has occurred.
Customer deposits are protected up to a level of 100,000 euros per person by the Austrian deposit guarantee scheme Einlagensicherung AUSTRIA (ESA). Sberbank Europe AG is a legally independent credit institution based in Austria. It is 100 per cent owned by Sberbank of Russia.
Sberbank Europe operates in Germany through a legally dependent branch under the brand name Sberbank Direct. Deposits with Sberbank Direct are thus deposits at Sberbank Europe AG.
Around 35,000 customers hold deposits totalling 1 billion euros with Sberbank Europe AG. Of these, 913 million euros are protected by the ESA.
The customers are almost exclusively from Germany and are managed through the German branch of Sberbank Europe AG. On the basis of international agreements, the compensation procedure will therefore be handled operationally by the Compensation Scheme of German Banks (Entschädigungseinrichtung deutscher Banken GmbH, EdB) on behalf and for the account of the ESA. The EdB and ESA are coordinating closely on the matter. The EdB will shortly contact depositors on behalf of the ESA to carry out the compensation procedure. There is no need for customers to take action themselves.
Depositors can obtain information on the current state of play by going to einlagensicherung.at or edb-banken.de or phoning +49 (0)30 59 00 11 96 0.
Media contact at the EdB
Head of Media Relations, Bankenverband
+ 49 30 1663 1230
Einlagensicherung AUSTRIA GesmbH
Mag. Stefan TACKE
+43 1 5339803-28