Finance watchdog orders ‘protective measures’ at Sberbank Switzerland
Keystone / Roland Schlager
The Swiss financial regulator has ordered protective measures to mitigate a risk of “liquidity problems” at the Zurich-based subsidiary of Russian bank Sberbank.
This content was published on
2 minutes
Keystone-SDA/dos
Español
es
El organismo de control financiero ordena “medidas de protección” en Sberbank Suiza
The measures, which include a 60-day deferral of the bank’s obligations from deposits, as well as a wide-ranging ban on payments and transactions, are “to protect creditors”, the Swiss Financial Market Supervisory Authority (FINMA) said on FridayExternal link.
Although the Swiss-based bank is not part of the Sberbank Europe Group, which has been hit hard by EU and US sanctions, FINMA said that the “heightened international sanctions” nevertheless leave it “at risk of facing liquidity problems”.
Earlier this week, Sberbank Switzerland said it would continue functioning as normal even after other parts of the group pulled out of operations in the rest of Europe.
More
More
Sberbank says Swiss operations unaffected by sanctions
This content was published on
Russian bank Sberbank will function as normal in Switzerland despite the group pulling out of the rest of Europe.
According to FINMA, the bank has now “decided not to engage in any new business until further notice and is largely restructuring and reducing its business activities”.
The supervisor has also ordered the bank may not make any payments or transactions that “are not necessary for its operations as a bank”.
FINMA would appoint an investigating agent to monitor the state of financial stability at the bank, the equal treatment of creditors, and the bank’s organisational structure, it said.
More sanctions
On Friday, the Swiss Bankers Association excluded from its ranks the Swiss subsidiaries of both Sberbank and Gazprombank. The association condemned the Russian invasion of Ukraine, and said it stood behind the sanctions decided by the Swiss government.
After following the first set of sanctions taken by the EU against Russia earlier this week, the Swiss government took further actionExternal link on Friday – including targeting some financial institutions – as part of international efforts to cut Russia from the SWIFT financial transactions system.
Sberbank Switzerland has around 250 corporate clients, mostly related to the raw materials and commodity trading sector. It employs some 100 staff and in 2020 it generated a profit of CHF58 million ($63 million).
More
More
Switzerland triggers wide range of sanctions against Russia
This content was published on
Switzerland hits Russia with sanctions, including a ban on many industrial exports and a wide range of financial activities.
Is your place of origin, your Heimatort, important to you?
Every Swiss citizen has a Heimatort, a place of origin, but many have never visited theirs. What’s your relationship with your Heimatort? What does it mean to you?
What factors should be taken into account when inheriting Swiss citizenship abroad?
Should there be a limit to the passing on of Swiss citizenship? Or is the current practice too strict and it should still be possible to register after the age of 25?
This content was published on
After reaching a low point at the end of 2024, the Swiss job market showed the first signs of a slight recovery in the first quarter.
This content was published on
Switzerland's dioceses are making arrangements for the faithful to attend the Pope's funeral, including public screenings.
Vulnerable tenants hit hardest by Zurich evictions
This content was published on
More tenants are evicted in Zurich than anywhere else in Switzerland, which particularly affects older people on low incomes.
This content was published on
Swiss National Bank Q1 profits weighed down by foreign currency investments, which the rise in gold was unable to offset.
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.