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Sberbank has been approached by investors from several nations for its Kazakhstan subsidiary as sanctions keep mounting on Russia in response to the invasion of Ukraine.

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“Sberbank is considering various options. We are actually receiving offers to purchase our subsidiary bank in Kazakhstan and see interest from investors from different countries – from Russia and Kazakhstan, as well as China, Turkey, and the United Arab Emirates,” the bank told news agency TASS. 

The Kazakhstan -based bank is “in excellent condition in terms of loan portfolio quality, reserves, capital, and efficiency,” it added. 

Earlier, the US imposed full blocking sanctions on Sberbank and Alfa-Bank as well as their subsidiaries including the one in Kazakhstan.

Details about the valuation of assets up for sale have not been made public by the Russian banking giant. 

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Last month, Sberbank reached an agreement with Kazakhstan-based Halyk Bank to divest loans worth $737.06m issued by its local subsidiary.

In a separate development last week, CenterCredit bank in Kazakhstan bought Alfa-Bank Kazakhstan for an undisclosed sum.

CenterCredit plans to re-register the acquired bank under the new Eco Bank brand. The deal between the two was also signed last month. 

The sanctions imposed by the US-led western alliance have left Russian banks scrambling for shelter. 

These developments follow European Commission’s announcement that it is planning a new package of sanctions that will remove Sberbank from the global interbank payments messaging system SWIFT. 

Besides, the Austrian regulators have said that the European arm of Sberbank will be wound down by the end of 2022.