Česká Spořitelna has completed the purchase of the loan portfolio of Sberbank CZ. The transfer of the loan portfolio, cleared of non-performing and other problematic loans, was recorded in the register. The bank paid CZK 41.053 billion for loans with a nominal value of CZK 47.1 billion.
In August of last year, the Prague Municipal Court declared bankruptcy of Sberbank CZ. In early May, the ČNB revoked the bank’s banking license, and the Prague Municipal Court subsequently sent the bank into liquidation. The ČNB initiated steps to revoke the license on February 28, 2022. The reason was the worsening situation of Sberbank CZ due to the outflow of deposits after the start of the Russian invasion of Ukraine.
Sberbank’s insolvency administrator, Jiřina Lužová, signed a purchase agreement with Česká Spořitelna on December 16 to sell the bank’s loans for CZK 47.1 billion. At that time, she expected creditors to be settled in the second half of 2023. Once the agreed purchase price is paid, clients of Sberbank CZ will be transferred to Česká Spořitelna.
According to Lužová, the proceeds from the sale of the loan portfolio, together with the available cash of the bank (including accrued interest) and the expected proceeds from the sale of other assets of Sberbank CZ, will likely be sufficient to fully satisfy creditors in the first (guarantee system) and second group (individuals and small and medium-sized companies), and with a high probability of over 95% satisfaction of creditors in the third group, which includes regions, cities, municipalities, and large companies. She previously stated that it is possible that even creditors in the third group will be satisfied with almost 100%.