TradeXBank to resume full operations after Sberbank Switzerland taken off sanctions list
TradeXBank specialises in commodity trade finance in the fields of energy, agricultural products, fertilisers and metals.
KEYSTONE
TradeXBank, the former Swiss branch of Russia’s Sberbank, will be able to resume its dollar-denominated activities from the second half of this year following resolution with the Office of US Foreign Assets Control (OFAC), a US Treasury agency.
This content was published on
2 minutes
Keystone-SDA
This move follows the removal of TradeXBank’s predecessor, Sberbank (Switzerland) AG, from an OFAC sanctions list, the bank said in a statement on Monday.
TradeXBank stressed this step “recognises the bank’s Swiss ownership structure and its efforts undertaken to apply recognised industry standards to apply highest compliance standards”.
“This is an important milestone and puts to bed the final legacy issue from TradeXBank’s predecessor,” said Christian Lüscher, chair of the board of directors, said in the statement.
The Swiss branch of Russia’s Sberbank was sold in 2022 to the Geneva-based m3 Groupe Holding company, owned by Abdallah Chatila, freeing the bank from intensive supervision by Swiss financial regulator.
As the new Geneva-based owner became the main shareholder, the bank was automatically released from its sanctions.
Based in Zurich and employing more than 50 people, TradeXBank specialises in commodity trade finance in the fields of energy, agricultural products, fertilisers and metals.
Adapted from French by DeepL/sb
This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.
If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.
External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Popular Stories
More
Workplace Switzerland
‘Swatch has no competition’ in its Swiss-made watch segment
Swiss president shows government round her home canton
This content was published on
During their annual trip to the Swiss president's hometown, the Federal Council enjoyed nice weather, fine wine, and proximity to the public.
Switzerland condemns attempted military coup in Bolivia
This content was published on
The Swiss foreign ministry condemned the attempted coup, as well as any attempt to undermine the lawful government of Bolivia.
Gotthard Base Tunnel on track to fully re-open in September
This content was published on
Rail operations through the vital tunnel will resume in full on September 2, with repair work in the west tube going as planned, Swiss Federal Railways has said.
Swiss Broadcasting Corporation to pull plug on FM radio
This content was published on
Amid a shift to digital and online radio, the Swiss Broadcasting Corporation will switch off analogue FM transmitters at the end of December.
Bern and Biel/Bienne enter the Swiss race to host Eurovision 2025
This content was published on
Swiss cities are jostling to host next year's Eurovision Song Contest (ESC): Geneva, Basel, Zurich, and a Bern-Biel joint bid have all thrown their hat in the ring.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.