Sberbank sold a subsidiary in Switzerland
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Sberbank closed the deal to sell the Swiss subsidiary to the investment group m3 Groupe Holding SA. About it reported press service of the Russian bank.
All shares of Sberbank Switzerland were sold to the Swiss company m3 Groupe Holding SA, which received a majority stake, and to the founding partner of the international investment company Monte Valle. Partners” to Stephen Lynch, who became a minority shareholder.
“We hope that new investors will continue to develop the Bank’s successful commodity trade finance business for the benefit of all parties, including employees, customers and partners in the region. I would like to express my gratitude to the entire team of the bank, which in this difficult time effectively supported the bank’s performance and fulfilled all obligations to our customers,” said Anatoly Popov, deputy chairman of the board of Sberbank, his words are given in the message.
The new name of the bank will be TradeXBank AG, which will continue to provide services in the trade finance sector. In March, Sberbank informed to reduce its presence in the European market. The organization then explained that the subsidiary banks of the group were faced with an abnormal outflow of money and a threat to the safety of employees. Today the national holding “Baiterek” bought the entire block of shares of the subsidiary bank Sbera in Kazakhstan
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