The decision to sell was made taking into account “the prevailing market conditions,” said Anatoly Popov, deputy chairman of the board of Sberbank.
Russian Sberbank has closed the deal to sell its subsidiary Sberbank Switzerland (Sberbank Switzerland AG) to Swiss investment group m3 Groupe Holding SA. The Russian financial institution announced this on Friday, September 2.
The amount of the transaction was not disclosed. The decision to sell was made taking into account “the prevailing market conditions,” said Anatoly Popov, deputy chairman of the board of Sberbank.
Sberbank Switzerland will continue to operate in the commodity trade finance sector under the new name – TradeXBank AG. m3 Groupe Holding SA will become the new majority shareholder of the bank, and the minority shareholder will be the founding partner of the investment company Monte Valle. Partners Stephen P. Lynch.
Investment group m3 Groupe Holding SA operates in real estate, hospitality, healthcare and services, according to its website. investment company Monte Valle. The partners primarily deal with distressed assets in Russia and Europe.
It will be remembered that Sberbank has been subject to sanctions from the United States, the European Union and Great Britain due to Russia’s attack on Ukraine. In August, Switzerland joined the restrictions.
In March, Sberbank announced its withdrawal from the European market due to the abnormal flow of customer funds. The bank then said that this decision will not affect Sberbank Switzerland AG, as it does not apply to Sberbank Europe.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.