Sberbank sold the Swiss division to the investment group m3

Sberbank closed the sale of the Swiss division of Sberbank Switzerland AG to the local investment group m3 Groupe Holding, reported in the press service of the bank.

m3 Groupe Holding SA will become the majority shareholder, the organizer of the transaction, the founding partner of the international investment company Monte Valle. Partners” Stephen P. Lynch. The press service clarified that the parties received all the necessary approvals from regulators and authorized bodies, “Sberbank Switzerland” will operate under the name TradeXBank AG.

“Given the prevailing market conditions, we have decided to sell 100% of the shares of our subsidiary bank in Switzerland to new investors – m3 GROUPE Holding SA and Monte Valle. Partners”. 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,” Anatoly Popov, Deputy Chairman of the Management Board of Sberbank, quoted the press service as saying.

Earlier in the day Interfax informedthat Sberbank sold a subsidiary bank in Kazakhstan to the national managing holding Baiterek. The publication clarified that the work of the bank after the sale will not change and it will continue to fulfill all obligations to customers. It is specified that the rebranding of the organization in Kazakhstan will take place soon.

Immediately after the start of a special military operation in Ukraine against several Russian banks, including Sberbank and VTB, US blocking sanctions were imposed. Also, sanctions against banks were imposed by the EU and the UK, after which credit institutions were disconnected from the SWIFT system.