Sberbank depositors to be fully compensated

Clients of Sberbank will receive the full sum they had deposited at the Russian-owned bank, the deputy governor of the National Bank of Hungary (NBH), Csaba Kandracs, told news channel M1 on Monday.

NBH revoked Sberbank Magyarorszag’s licence and ordered liquidation proceedings in March after its Austria-based parent failed amid international sanctions against Russia.

Kandracs said the liquidation authority will contact some 2,500 clients with deposits larger than 100,000 euros in Sberbank accounts in the coming period.

The procedure will start next week, Kandracs said.

Compensations for large depositors will come to a total of 160 billion forints (EUR 382.6m), he added.

In March, Hungary’s National Deposit Insurance Fund (OBA) paid 146.8 billion forints of compensation to 65,158 Sberbank clients with deposits under the 100,000 euro threshold.

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