The strategic review is expected to last until the end of September and may include a search for potential investors to buy the Zurich-based business.
The banking group, which was set up to provide financial services for the state-owned Russian Gazprom gas company, has yet to feel the full force of Western sanctions following Russia’s invasion of Ukraine. Gazprombank facilitates the export of Russian gas and oil to Europe.
Another Russian bank, Sberbank, is also considering an exit from Switzerland. In March, the Swiss Financial Market Supervisory Authority (Finma) ordered special protective measures for Sberbank Switzerland after it was hit with a wide-ranging ban on making payments and transactions.
Last week, Finma partially lifted these measures to allow the bank to pay off certain creditors. “These payments will enable the bank to reduce its balance sheet, also with a view to a possible sale or change of ownership,” Finma said.
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Swiss branch of Sberbank allowed to pay creditors
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The Swiss financial regulator lifts some restrictions on the Swiss branch of Russia’s Sberbank so it can pay off non-sanctioned creditors.
Swiss ban Gazprombank Switzerland from accepting new private clients
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The Financial Market Supervisory Authority (FINMA) on Thursday said the Swiss branch of the Russian bank had “failed to carry out “adequate economic background clarifications into business relationships and transactions with increased money laundering risks”. An investigation launched in 2016 into 30 Swiss banks based on information from the Panama Papers leaks found the Swiss…
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