VIENNA (Reuters) – The European arm of Sberbank, 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.
“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 late on Tuesday. Sberbank Europe is based in Vienna.
(Reporting by Francois Murphy; Editing by Leslie Adler)
