In two days, Komerční banka processed 21,275 applications from Sberbank CZ clients and paid out deposit compensation for CZK 9.8 billion, which is about 40 percent of deposits. Of these, 1902 were cash applications for 275 million crowns, according to Komerční banka spokesman Pavel Zúbek. The financial market guarantee system started paying deposit compensations to clients of Sberbank CZ, which has ties to Russia, on Wednesday through Komerční banka’s branches. In total, there are about 106,000 clients and a payout of 24.2 billion crowns. Reimbursements will be paid to Sberbank clients for three years, ie until March 2025.
The guarantee system will pay out 100 percent of clients’ deposits through Komerční banka, up to a maximum of CZK 2,499,500 per depositor. The amount corresponds to the koruna’s exchange rate against the euro on 28 February. By law, a deposit of up to 100,000 euros is insured. Not only companies or individuals had money in Sberbank, but also some regions and municipalities. For example, the Vysočina Region has CZK 2.4 billion left in the bank.
It is possible to withdraw cash in cash at 40 selected branches of Komerční banka, where the opening hours will be extended from 08:00 to 18:00. Cashless payments are possible at all 241 branches of Komerční banka.
On Monday, February 28, the Czech National Bank announced that it had initiated steps to revoke the Sberbank CZ banking license. Both the guarantee system and Komerční banka have published detailed instructions on their websites on how to proceed with disbursements.
Source: Komerční banka and CTK
