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On 1 April 2022, the Court appointed David Philip Soden, Robert Scott Fishman and Matthew Steven Roe, all of Teneo Financial Advisory Limited, as joint special administrators of Sberbank CIB, following an application by Sberbank CIB’s directors.
What does Sberbank CIB do?
Sberbank CIB provides trading and execution services to its clients, including providing access to the Russian markets, and is authorised and regulated by the FCA.
Why has Sberbank CIB entered special administration?
The UK and other countries have imposed sanctions against Sberbank, which have affected its UK entity, Sberbank CIB.
Sberbank CIB’s failure is the consequence of the ability and risk appetite of critical suppliers to work with firms with links to the Russian state following the invasion of Ukraine and the global imposition of sanctions.
This has led to the firm becoming operationally unable to make payments despite the firm having sufficient assets to cover its liabilities.
Having considered the firm’s position, the directors concluded that the firm is insolvent and applied to court to place the firm into special administration.
Where can I find more information?
Customers should contact Sberbank CIB, using your existing contact details, or the joint special administrators at Teneo Advisory Limited for further information. This page will be updated with specific contact details for customers of the firm as soon as possible.
What will happen to any client money and assets held by Sberbank CIB for its clients?
The joint special administrators will carry out an assessment of the client money and custody assets held by the firm to confirm the current position. Following that assessment, the joint special administrators will work to return client money and custody assets to customers in accordance with applicable law.
Costs associated with distributing client money back to clients, including the joint special administrators’ fees, will be deducted from the client money or custody assets.
The joint special administrators will write to the firm’s clients with their proposals for the special administration within 8 weeks of their appointment, this will include the process for making a claim.
Being alert to scams
All customers should remain alert to the possibility of fraud. If you are cold called by someone claiming to be from Sberbank CIB, Teneo or the joint special administrators please end the call and call them back using the number above.
Is the FCA overseeing the administration?
Sberbank CIB is still authorised by the FCA and remains subject to supervisory oversight and the FCA’s rules.
The joint special administrators are officers of the Court and need to comply with all insolvency law. The individuals appointed are authorised to act as licensed insolvency practitioners by the Institute of Chartered Accountants in England & Wales (ICAEW). We are liaising closely with the joint special administrators.
https://www.fca.org.uk/news/news-sto...administration
