Feb. 26, 2019, 3:34 p.m. EST

Germany : ECB fines Russia's Sberbank over risk exposure

Feb 26, 2019 (Euclid Infotech Ltd via COMTEX) -- The EU's top banking supervisor said Monday it had fined Russian lender Sperbank's European arm 630,000 euros (S$966,000) for breaching limits on risk exposure.

"The European Central Bank has imposed an administrative penalty... in respect of breaches of the large exposure requirement," the Frankfurt institution said in a statement published shortly after markets closed on the continent.

Sberbank Europe AG, an Austrian subsidiary of Russia's largest consumer bank, had breached a rule limiting maximum risk linked to one client or group of clients to 25 per cent of a lender's capital, the ECB said.

The Russian bank has two months to appeal the decision, the supervisor added.

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