December 3, 2023

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

ZURICH, July 8 (Reuters) – Russia’s Gazprombank is discovering strategic options for its Swiss organization, together with a achievable sale of all or areas of it, Zurich-primarily based Gazprombank Switzerland stated on Friday.

Gazprombank (GZPRI.MM) is one particular of the final remaining channels for funding trade flows concerning Russia and Switzerland mainly because the other significant Russian banking institutions are topic to sanctions over Moscow’s invasion of Ukraine.

Its Swiss small business, which employs about 80 folks, is mainly lively in trade and export funding, including assisting Swiss industrial groups finance exports to Jap Europe. It also finances the extraction, transport and processing of raw elements from Russia to Western Europe for commodity traders.

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“The Lender at the moment expects to conclude the strategic overview approach – which include getting an investor if these option is pursued – by the end of the third quarter of 2022,” it claimed.

Dependent on fairness of about 200 million Swiss francs, the lender could be valued at all over 150 million Swiss francs ($154 million), a single business source, who declined to be named, reported.

Possible buyers for pieces or all of Gazprombank could be money traders or other banking companies, a Gazprombank Switzerland spokesperson explained, declining to remark on a valuation.

Commodity traders could also be interested in Gazprombank Switzerland, the business source explained to Reuters, and the initially possible consumers have now expressed fascination.

“It is the responsibility of the Board of Administrators to often overview the strategic orientation of a bank and to realign the business model if required,” the spokesperson mentioned when questioned no matter if current or opportunity worldwide sanctions had triggered the strategic review.

Questioned about any probable affect from the Swiss Monetary Marketplace Supervisory Authority FINMA, the lender spokesperson claimed: “The initiated strategy assessment is in the bank’s individual curiosity and not due to exterior tension.”

Gazprombank Switzerland was strongly capitalised and operationally perfectly positioned, the spokesperson additional.

According to the most recent publicly available info, Gazprombank Switzerland manufactured a revenue of 3 million francs in the initially half of 2021, down from 4 million in the calendar year-ago period.

Gazprombank is not the only Swiss subsidiary of a key Russian bank that may well quickly modify arms.

FINMA has eased the limits from Sberbank (Switzerland) AG (SBER.MM). This would make it possible for the lender to minimize its stability sheet in view of a feasible sale or alter of possession, the watchdog explained this month. browse far more

($1 = .9744 Swiss francs)

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

Our Standards: The Thomson Reuters Belief Rules.