The view shows a plaque with the Gazprombank logo at the St. Petersburg International Economic Forum (SPIEF) in St. Petersburg, Russia June 16, 2022 REUTERS / Anton Vaganov
ZURICH, July 8 (Reuters) – Russian Gazprombank is exploring strategic options for its Swiss business, including a possible sale of all or part of it, Zurich-based Gazprombank Switzerland reported on Friday.
Gazprombank (GZPRI.MM) is one of the last remaining channels to finance trade flows between Russia and Switzerland, as other large Russian banks are under sanctions for Moscow’s invasion of Ukraine.
Her Swiss company, which employs around 80 people, mainly deals with trade and export finance, including helping Swiss industrial groups to finance exports to Eastern Europe. It also finances the extraction, transport and processing of raw materials from Russia to Western Europe for commodity traders.
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“The bank currently expects to complete the strategic review process – including finding an investor if such an option is exercised – by the end of the third quarter of 2022. This may interest you : The US-led alliance is disappointed with Russia’s sanctions.” – he informed.
With equity capital of around 200 million Swiss francs, the bank could be valued at around 150 million Swiss francs ($ 154 million), one industry source said declining a name.
Financial investors or other banks could be potential buyers of some or all of Gazprombank, a spokesman for Gazprombank in Switzerland said, declining to comment on the valuation.
Commodity traders may also be interested in the Gazprombank in Switzerland, an industry source told Reuters, and first-time potential buyers have already expressed interest.
“The board is responsible for regularly reviewing the bank’s strategic orientation and adjusting the business model if necessary,” said a spokesman, when asked if existing or potential international sanctions had triggered the strategic review.
When asked about the possible impact of the Swiss Financial Markets Authority, FINMA, a spokesman for the bank said: “The strategy review that has begun is in the interest of the bank, not because of external pressure.”
Gazprombank Switzerland was highly capitalized and well positioned operationally, the spokesman added.
According to the latest publicly available information, Gazprombank Switzerland earned 3 million francs in the first half of 2021, compared with 4 million in the same period a year earlier.
Gazprombank is not the only Swiss branch of a large Russian bank that may soon change hands.
FINMA eased restrictions on Sberbank (Switzerland) AG (SBER.MM). This would allow the bank to shrink its balance sheet in view of a possible sale or change of ownership, the supervisor said earlier this month. read more
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Reporting by Oliver Hirt, screenplay Michael Shields, editing Paul Carrel and Alexander Smith Read also : FACT SHEET: The US and G7 will take more steps to support Ukraine and hold the Russian Federation accountable.
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At the end of 2021, Goldman Sachs had more than $ 700 million of exposure to Russia, which is just a scrap of all operations. Russia was not among JPMorgan’s 20 largest markets.
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