皇冠投注网址:Gazprombank explores options for Swiss business
ZURICH: Russia’s Gazprombank is exploring strategic options for its Swiss business, including a possible sale of all or parts of it, Zurich-based Gazprombank Switzerland says.
Gazprombank is one of the last remaining channels for financing trade flows between Russia and Switzerland because the other major Russian banks are subject to sanctions over Moscow’s invasion of Ukraine.
Its Swiss business, which employs about 80 people, is mainly active in trade and export financing, including helping Swiss industrial groups finance exports to Eastern Europe.
It also finances the extraction, transport and processing of raw materials from Russia to Western Europe for commodity traders.
“The bank currently expects to conclude the strategic review process – including finding an investor if such option is pursued – by the end of the third quarter of 2022,” it said.
Based on equity of about 200 million Swiss francs (RM905mil), the bank could be valued at around 150 million Swiss francs (US$154mil or RM681.6mil), one industry source, who declined to be named, said.,
Possible buyers for parts or all of Gazprombank could be financial investors or other banks, a Gazprombank Switzerland spokesperson said, declining to comment on a valuation.
Commodity traders could also be interested in Gazprombank Switzerland, the industry source told Reuters, and the first potential buyers have already expressed interest.
“It is the responsibility of the board of directors to regularly review the strategic orientation of a bank and to realign the business model if necessary,” the spokesperson said when asked whether existing or potential international sanctions had triggered the strategic review.
Asked about any possible influence from the Swiss Financial Market Supervisory Authority (Finma), the bank spokesperson said: “The initiated strategy review is in the bank’s own interest and not due to external pressure.”
Gazprombank Switzerland was strongly capitalised and operationally well positioned, the spokesperson added. — Reuters