Sberbank plans to exit London Stock Exchange

By Aysu Bicer

ANKARA (AA) - Russia's largest lender Sberbank, which has heavily been hit by Western sanctions, plans to exit London after its depositary terminated an agreement with it, the bank said on Tuesday.

In a written statement, Sberbank said it has notified the Financial Conduct Authority UK and the London Stock Exchange of its intention to cancel the listing of the depositary receipts.

Holders of Sberbank's depositary receipts can exchange them for Sberbank's shares by June 16.

Western countries put many Russian banks on the sanctions list, including Sberbank, due to its war on Ukraine, which began in February.