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.
Popular Stories
More
Foreign affairs
Why Swiss trams have become sought-after vehicles in Ukraine
Switzerland participates in ASEAN foreign ministers’ meeting
This content was published on
This engagement was part of a four-day tour of Southeast Asia, aimed at advancing the Swiss Federal Council's Southeast Asia Strategy.
Majority of shareholders approve sustainability reports of major Swiss companies
This content was published on
Shareholders have approved the sustainability reports of the largest Swiss companies by a large majority at their annual general meetings.
EU releases €1.5B frozen assets to Ukraine: Switzerland opts out
This content was published on
The EU announced the release of €1.5 billion (CHF1.44 billion) in aid to Ukraine. Switzerland will not follow the EU's approach.
Five people charged in connection with deadly Swiss rockslide
This content was published on
Five people have been charged with multiple negligent homicide in connection with the deadly Bondo rockslide that occurred seven years ago.
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.
Read more
More
Swiss branch of Sberbank allowed to pay creditors
This content was published on
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
This content was published on
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…
Swiss adopt Russian oil ban and other sanctions over Ukraine war
This content was published on
The Swiss government has adopted the latest set of European Union sanctions against Russia and Belarus over the war in Ukraine.
Finance watchdog orders ‘protective measures’ at Sberbank Switzerland
This content was published on
The Swiss financial regulator has ordered protective measures in anticipation of a risk of “liquidity problems” at the Zurich-based bank.
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.