ZURICH, July 8 — The Swiss branch of Gazprombank, snubbed by Switzerland’s banking sector since the Russian invasion of Ukraine, announced today it is looking for a potential buyer.
Its parent company, the financial arm of the Russian gas giant Gazprom, has “decided to explore potential strategic options” for its future activities, the bank said.
“These options include, but are not limited to, potential divestment of selected assets or the sale of the business as a whole,” it said in a statement.
This strategic review, which also envisages “finding an investor if such option is pursued”, should be completed by the end of the third quarter.
It invited interested parties to contact its representatives in Switzerland.
Based in Zurich, Gazprombank Switzerland has been established in the Alpine country since 2009. It is mainly active in trade finance and employs around 80 people, a spokesperson told AFP.
Gazprombank is the sole shareholder.
Gazprombank Switzerland was expelled from the Swiss Bankers Association in March in the weeks following the invasion of Ukraine.
The SBA, which defends the interests of some 300 Swiss banking establishments, had also banned the Swiss subsidiary of the Russian bank Sberbank.
Switzerland is an important hub for the trading of commodities such as oil, metals and agricultural materials, leading banking giants to create subsidiaries under Swiss law to provide services to investors and traders. — AFP
