Russia’s Gazprombank explores options for Swiss business, including sale

ZURICH, July 8 (Reuters) – Russia’s Gazprombank is checking out strategic selections for its Swiss company, like a achievable sale of all or elements of it, Zurich-based Gazprombank Switzerland claimed on Friday.

Gazprombank (GZPRI.MM) is just one of the past remaining channels for funding trade flows in between Russia and Switzerland since the other major Russian financial institutions are matter to sanctions in excess of Moscow’s invasion of Ukraine.

Its Swiss organization, which employs about 80 individuals, is primarily active in trade and export funding, which include serving to Swiss industrial groups finance exports to Eastern Europe. It also finances the extraction, transport and processing of raw elements from Russia to Western Europe for commodity traders.

Register now for Totally free unrestricted entry to

“The Lender at present expects to conclude the strategic evaluation method – which include getting an trader if these types of choice is pursued – by the conclusion of the third quarter of 2022,” it mentioned.

Based on equity of about 200 million Swiss francs, the lender could be valued at all over 150 million Swiss francs ($154 million), one particular business resource, who declined to be named, claimed.

Attainable consumers for areas or all of Gazprombank could be financial traders or other banking companies, a Gazprombank Switzerland spokesperson claimed, declining to remark on a valuation.

Commodity traders could also be fascinated in Gazprombank Switzerland, the marketplace supply told Reuters, and the to start with potential buyers have currently expressed interest.

“It is the duty of the Board of Directors to routinely evaluation the strategic orientation of a bank and to realign the organization design if required,” the spokesperson explained when asked whether current or probable international sanctions experienced brought on the strategic assessment.

Requested about any doable affect from the Swiss Economical Sector Supervisory Authority FINMA, the lender spokesperson explained: “The initiated tactic evaluate is in the bank’s possess desire and not owing to external strain.”

Gazprombank Switzerland was strongly capitalised and operationally very well positioned, the spokesperson included.

According to the most recent publicly readily available information, Gazprombank Switzerland made a revenue of 3 million francs in the first fifty percent of 2021, down from 4 million in the year-back time period.

Gazprombank is not the only Swiss subsidiary of a main Russian bank that might quickly change arms.

FINMA has eased the limits against Sberbank (Switzerland) AG (SBER.MM). This would allow for the bank to lessen its balance sheet in perspective of a feasible sale or improve of ownership, the watchdog explained this month. examine more

($1 = .9744 Swiss francs)

Register now for Free unlimited accessibility to

Reporting by Oliver Hirt, Composing by Michael Shields, Editing by Paul Carrel and Alexander Smith

Our Criteria: The Thomson Reuters Belief Rules.


Next Post

Boris Johnson latest news: Patel pulls out of committee grilling over ‘changes in government’

Wed Jul 13 , 2022
Jacob Rees-Mogg says he would refuse position in Rishi Sunak cabinet due to ‘disloyalty’ Priti Patel has refused to be questioned by MPs today over her policies including the controversial plan to send asylum seekers to Rwanda. The home secretary was due to be grilled at 10am, but she had […]