Operations will probably be referred to exterior banking companions, Gazprombank chairman says
Gazprombank will stop operations in Switzerland after “a strategic evaluation of assorted choices,” Chairman of the Board of Administrators, Ivan Dun, stated in a press release on Monday.
“The choice is the results of an in-depth technique evaluation and is being taken in shut session with the Swiss Monetary Market Supervisory Authority [FINMA],” he clarified.
Gazprombank (Switzerland) was one of many final remaining establishments for financing commerce between Russia and Switzerland after different main Russian banks grew to become topic to Western sanctions.
Present enterprise relationships will probably be wound down or referred to exterior companions within the coming months, Gazprombank stated.
In March, the Affiliation of Swiss Bankers excluded Gazprombank and Sberbank from the Swiss system. In July, the Zurich-based financial institution introduced a launch of a strategic evaluation and plans to promote its subsidiary.
READ MORE: Switzerland resists handover of Russian belongings to Ukraine
The principle focus of the financial institution was commerce and export finance, together with transportation and processing of uncooked supplies from Russia to Western Europe for commodity merchants. EU corporations used Gazprombank to pay for power provides. The financial institution, which employs about 80 folks, additionally assisted Swiss industrial teams in financing exports to Jap Europe.
The lender had been working in Switzerland since 1966 and below the Gazprombank (Switzerland) title since 2009.
For extra tales on financial system & finance go to RT’s enterprise part