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Fate of Sberbank’s Swiss branch still hangs in balance

Sberbank Switzerland
Sberbank Switzerland is thought to be considering a sale of its Swiss operations. © Keystone / Michael Buholzer

The Swiss financial regulator has extended a moratorium on transactions at the Swiss branch of Russia’s Sberbank group as it decides on its future course.

The Financial Market Supervisory Authority (FINMA) imposed the measures in March to prevent the bank from paying out money to sanctioned creditors.

They were partially lifted in July to allow payments to authorised creditors, at which time FINMA suggested that the Swiss unit was eyeing a takeover or change of ownership.

Sberbank Switzerland is part of the Russian Sberbank group but is a separate entity from Sberbank Europe, which has been hit with EU sanctions.

On Thursday, FINMA extended the transaction ban until the end of September to give the bank more time to resolve its status.

The bank remains under heightened supervision and is being overseen by an investigative agent appointed by the financial regulator.

A separate Russian bank, Gazprombank, said in July that it is considering a complete or partial sale of its Swiss entity.

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