Sberbank, the largest bank in Russia and Eastern Europe, has launched a program through which small business customers can avoid paying penalties on debt.
Through Jan. 14, customers can go their local Sberbank bank branch, fill out a form, including a written statement, and pay off existing arrears.
If the loan is at the pre-trial stage of foreclosure or judicial review with no inured court decision on debt collection, Sberbank will cancel all penalties except for those previously accrued.
Headquartered in Moscow and founded in 1841, Sberbank offers a full range of savings, investment and lending services.
The Central Bank of the Russian Federation is a majority shareholder, owning 50 percent plus one share of Sberbank's voting shares, with the rest of the shares dispersed among portfolio, private and other investors, including a 20 percent shareholding by foreign investors.
The bank has approximately 20,000 branches with 242,000 employees.
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