Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Sberbank CZ falls under Sberbank Europe and is owned by Sberbank Russia. Following a significant outflow of deposits, due to the backlash from Russia's invasion of Ukraine, the bank found itself facing a situation of deterioration in liquidity and on Monday 28th of February announced its closure.
About 700 employees across the Czech Republic will lose their jobs. They are managers, data experts, IT specialists and traditional bankers. Dismissals will start at the end of the second quarter of 2022.
Sberbank has over 110,000 customers in the Czech Republic, citizens, large companies, institutions, and local governments. Most of them do not have to worry about losing their finances because of legal insurance. Deposits of up to €100,000 (CZK 2.5 million) per bank client - citizens and companies- are legally insured, even if in some cases they may not be enough.
The Czech National Bank has revoked the Sberbank CZ's license to operate in the Czech Republic and Sberbank Russia will leave the European market.
Eurofound (2022), Sberbank CZ, Closure in Czechia, factsheet number 106394, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/106394.