Shares of Russia’s Sberbank plunged 95% on the London Stock Exchange on Wednesday to trade as low as a penny after the bank announced that it was pulling out of the European market. Russia’s largest lender said its European subsidiaries had experienced “abnormal cash outflows” and expressed concern for the safety of its employees and properties. As of late morning trade in London, Sberbank shares were down 94.24% to trade at $0.01. The bank has lost 99.9% of its value since the start of the year. Domestically, Moscow’s stock market has been closed for three consecutive days as authorities attempt to stem the bleeding in local assets. – CNBC Share this: Share on X (Opens in new window) X Share on Facebook (Opens in new window) Facebook Share on LinkedIn (Opens in new window) LinkedIn Share on WhatsApp (Opens in new window) WhatsApp Share on Telegram (Opens in new window) Telegram Like this:Like Loading… Related Post navigation Wheat prices trade ‘limit up’ again, hit highest in nearly 14 years Nigerian companies shun IPOs, raise N111bn via CPs
