A shareholder of Sens Bank has started the procedure of exiting Russian assets

Luxembourg ABH Holdings is the owner of Ukrainian Sens Bank (formerly Alfa Bank), Russian Alfa Bank and Alfa Strahovanie, which has Russian assets. This was reported by the press service of Sense Bank.

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A member of the board of directors of AON Holdings, Andrew Baxter, confirmed that the holding is exiting both banking and insurance business in Russia.

“We are currently coordinating with European regulators the agreement on the sale of the Russian bank and the approach to other transactions: sale, redomicilation (moving the company from one jurisdiction to another) or restructuring with business separation,” he noted.

In addition, Baxter emphasized that in accordance with European legislation, the holding’s shareholders, who are under EU sanctions, do not participate in the work of the holding and its assets in any way, and also cannot dispose of their holdings in the holding, because they are frozen.

He also noted that he considers it obvious that it is absolutely impossible to do business in Russia and the West at the same time, including in Ukraine.

“The ideas of global business turned out to be unsustainable. Globalization, contrary to expectations and hopes, turned out to be a cyclical process, and today global business has become a hostage to political decisions. All investors who worked in Russia, Ukraine, Europe, and America must make their choice. We perfectly understand that this is absolutely inevitable. For us, a European company, this choice is obvious,” he emphasized.

Read also: The Council failed to vote on a bill allowing the nationalization of Sens Bank

Reaction to media materials

“As for the materials presented in the press, I would like to inform you of the following: firstly, all OSAGO contracts mentioned in the article are concluded until February 2022, and secondly, according to Russian laws, these contracts are not valid in the territory where hostilities are underway. And, finally, the company “Alfa Strahovanie” in its activities does not violate the regime of sanctions introduced by the EU”, – summarized the representative of the Luxembourg holding.

Regarding the scandalous materials that appeared in the press regarding the retailer X5 Retail, the Alfa Group press center noted: X5 Retail is a public company registered in the Netherlands, the controlling stake of which is traded on the London Stock Exchange LSE. Alfa Group is the owner of a minority stake in the company. As in the situation with Alfa Insurance, the shareholders under sanctions are completely cut off from the management of the company and cannot dispose of their shares.

“For some of our investments, we can’t even see the company’s reports. The management simply refuses to show it. There are examples when we are forced through the court to demand access to information about the company’s actions. But one thing we can say with confidence – the company, which is under the control of both British and European regulators, does not violate the sanctions legislation,” said the representative of Alfa Group.

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Author: News editor Roman Myronchuk writes on the following topics: Economy, finance, banks, cryptocurrencies, investments, technologies

Source: Ministry of Finance

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