ZURICH, Oct 10 (Reuters) – Russia’s Gazprombank (GZPRI.MM) has determined to stop working in Switzerland after “a strategic evaluation of assorted choices”, it mentioned on Monday.
The financial institution had been one of many final remaining channels for financing commerce flows between Russia and Switzerland as a result of different main Russian banks are topic to sanctions over Russia’s invasion of Ukraine.
The Zurich-based financial institution, which was primarily concerned in commerce and export finance, determined to discontinue its operations in Switzerland after launching a evaluation of its enterprise in July, together with a doable sale.
“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,” Gazprombank’s board chairman, Ivan Dun, mentioned in an announcement.
Current enterprise relationships will probably be wound down or referred to exterior banking companions within the coming months, Gazprombank mentioned.
The financial institution had been working in Switzerland since 1966 and beneath the Gazprombank (Switzerland) title since 2009.
Its Swiss enterprise, which employs about 80 folks, is principally energetic in commerce and export financing, together with serving to Swiss industrial teams finance exports to Jap Europe.
It additionally financed the extraction, transport and processing of uncooked supplies from Russia to Western Europe for commodity merchants.
Reporting by John Revill
Modifying by David Goodman
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