The strategic review is expected to last until the end of September and may include a search for potential investors to buy the Zurich-based business.
The banking group, which was set up to provide financial services for the state-owned Russian Gazprom gas company, has yet to feel the full force of Western sanctions following Russia’s invasion of Ukraine. Gazprombank facilitates the export of Russian gas and oil to Europe.
Another Russian bank, Sberbank, is also considering an exit from Switzerland. In March, the Swiss Financial Market Supervisory Authority (Finma) ordered special protective measures for Sberbank Switzerland after it was hit with a wide-ranging ban on making payments and transactions.
Last week, Finma partially lifted these measures to allow the bank to pay off certain creditors. “These payments will enable the bank to reduce its balance sheet, also with a view to a possible sale or change of ownership,” Finma said.
Swiss authorities announce cost-cutting in asylum sector
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The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
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The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
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In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
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As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
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After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
Swiss study: insects mainly migrate at midday and dusk
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A study led by the Swiss Ornithological Institute in canton Lucerne is helping to better understand the movement patterns of migratory insects.
Red Cross: 22 staff killed in Middle East since October
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The Red Cross and Red Crescent network in Gaza and Israel has lost 22 staff members since last October, the Swiss Red Cross (SRC) said on Wednesday.
Dortmund’s Kobel is first Swiss goalie in Champions League final
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Borussia Dortmund’s Gregor Kobel has achieved history by becoming the first Swiss goalkeeper to reach a Champion’s League final.
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Swiss branch of Sberbank allowed to pay creditors
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The Swiss financial regulator lifts some restrictions on the Swiss branch of Russia’s Sberbank so it can pay off non-sanctioned creditors.
Swiss ban Gazprombank Switzerland from accepting new private clients
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The Financial Market Supervisory Authority (FINMA) on Thursday said the Swiss branch of the Russian bank had “failed to carry out “adequate economic background clarifications into business relationships and transactions with increased money laundering risks”. An investigation launched in 2016 into 30 Swiss banks based on information from the Panama Papers leaks found the Swiss…
Swiss adopt Russian oil ban and other sanctions over Ukraine war
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The Swiss government has adopted the latest set of European Union sanctions against Russia and Belarus over the war in Ukraine.
Finance watchdog orders ‘protective measures’ at Sberbank Switzerland
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The Swiss financial regulator has ordered protective measures in anticipation of a risk of “liquidity problems” at the Zurich-based bank.
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.