ZURICH, July 8 (Reuters) – Russia’s Gazprombank is discovering strategic selections for its Swiss small business, such as a doable sale of all or pieces of it, Zurich-based Gazprombank Switzerland said on Friday.
Gazprombank (GZPRI.MM) is a single of the previous remaining channels for financing trade flows among Russia and Switzerland mainly because the other important Russian banking institutions are issue to sanctions over Moscow’s invasion of Ukraine.
Its Swiss business enterprise, which employs about 80 folks, is predominantly active in trade and export funding, which includes helping Swiss industrial groups finance exports to Japanese Europe. It also funds the extraction, transport and processing of raw elements from Russia to Western Europe for commodity traders.
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“The Financial institution at present expects to conclude the strategic evaluate procedure – which include finding an investor if such solution is pursued – by the end of the third quarter of 2022,” it claimed.
Dependent on equity of about 200 million Swiss francs, the lender could be valued at close to 150 million Swiss francs ($154 million), 1 business supply, who declined to be named, reported.
Achievable purchasers for parts or all of Gazprombank could be monetary traders or other banking companies, a Gazprombank Switzerland spokesperson mentioned, declining to comment on a valuation.
Commodity traders could also be interested in Gazprombank Switzerland, the marketplace resource advised Reuters, and the to start with opportunity customers have now expressed desire.
“It is the duty of the Board of Directors to on a regular basis assessment the strategic orientation of a financial institution and to realign the small business product if vital,” the spokesperson reported when questioned no matter whether current or probable international sanctions experienced induced the strategic assessment.
Requested about any feasible impact from the Swiss Financial Current market Supervisory Authority FINMA, the lender spokesperson claimed: “The initiated technique overview is in the bank’s individual fascination and not owing to exterior stress.”
Gazprombank Switzerland was strongly capitalised and operationally nicely positioned, the spokesperson additional.
According to the newest publicly out there facts, Gazprombank Switzerland manufactured a financial gain of 3 million francs in the first 50 % of 2021, down from 4 million in the year-back period of time.
Gazprombank is not the only Swiss subsidiary of a important Russian bank that may well soon alter palms.
FINMA has eased the limitations in opposition to Sberbank (Switzerland) AG (SBER.MM). This would make it possible for the financial institution to lower its harmony sheet in perspective of a feasible sale or adjust of ownership, the watchdog said this thirty day period. go through more
($1 = .9744 Swiss francs)
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Reporting by Oliver Hirt, Composing by Michael Shields, Modifying by Paul Carrel and Alexander Smith
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