Owner of the qualifying holding in Sberbank JSC – a subsidiary bank of Sberbank of Russia in Ukraine – was changed, in violation of the legal requirements, without the approval of the Ukrainian regulator.
On 23 April 2020, the National Bank of Ukraine (the NBU) obtained the information that the Central Bank of the Russian Federation sold 50% + 1 share of Sberbank of Russia to the Ministry of Finance of the Russian Federation. Therefore, Sberbank JSC has a different beneficiary owner now.
Violating legal requirements, the new beneficiary owner:
- failed to inform the NBU 3 months in advance about the intention to acquire the qualifying holding in Sberbank JSC
- failed to get the NBU’s approval for acquisition of the qualifying holding in the bank
- failed to submit to the NBU a copy of the agreement (transaction) that enabled the transfer of the ownership rights to shares.
The NBU sent the information request to the Ministry of Finance of the Russian Federation and to Sberbank of Russia requesting explanations and the required documents, as well as informing about the legal consequences of the violation of the Ukrainian laws.
The NBU will provide a legal assessment and consider imposing corrective measures within the timeframe and procedure prescribed by laws in force.
For reference
Qualifying holding shall mean direct and/or indirect, independent or joint holding of 10 or more percent of the authorized capital or the voting rights granted by purchased shares (stakes) of a legal entity or the ability to exert decisive influence on the management or activities of the legal entity irrespective of the formal ownership.