ASA Bank has bought the subsidiary of the Russian Sberbank in Bosnia's Federation (FBiH) entity, the FBiH Banking Agency confirmed on Tuesday.

It is a domestic bank that has branches on the territory of this part of Bosnia and Herzegovina.

Agency Director Jasmin Mahmuzic said that the final model for business operation of Sberbank BH has been reached with Sberbank Europe AG as of March 1, 2022.

The FBiH Banking Agency has set a deadline for business coordination within 48 hours, starting with March 2.

Two days ago, the Agency took over the management of Sberbank BH, explaining that any further delay might put the bank at risk.

The Russian bank has two registered branches in Bosnia and Herzegovina. One is Sberbank BH with its headquarters in Sarajevo and operates in the Federation entity, while the other with its headquarters in Banja Luka, operates in Bosnia's Republika Srpska entity as Sberbank AD Nanja Luka.

Republika Srpska entity government announced on February 28 it would take over the ownership of Sberbank AD Banja Luka.