Russia’s Sberbank Switzerland changes hands to new Swiss owner
The Swiss branch of Russia’s Sberbank has been sold to the Geneva-based m3 Groupe Holding company, freeing the bank from intensive supervision by Swiss financial regulator.
Sberbank Switzerland was not directly sanctioned by the European Union, but measures had been taken against some of its former directors. In March, the Financial Market Supervisory Authority (FINMA) had restricted the bank’s business, preventing it from paying out money to sanctioned individuals or entities.
The Zurich-based banking unit has now been bought for an undisclosed sum by m3 Groupe, which manages a portfolio of companies in the real estate, hospitality and financial sectors. It will now operate under the name TradeXBank, specialising in the financing of the commodities trade.
Abdallah Chatila, the Swiss-Lebanese chair of M3 Groupe, told Le Temps newspaper that the sale was coordinated with United States businessman Stephen Lynch, who takes a 10% stake in TradeXBank.
Sberbank Switzerland made a CHF25 million ($25.5 million) profit last year with revenues of around CHF3 billion to CHF4 billion, Chatila said. Non-sanctioned clients have withdrawn CHF1.5 billion in assets in recent weeks.
“This leaves us between CHF600 and 700 million, to which we must add equity in excess of CHF500 million, which is a good start,” Chatila saidExternal link. “With our current size, we are already one of the 20 largest Swiss banks.”
He added that the bank’s current staff of around 65 will be retained.
FINMA confirmed that trading restrictions have been lifted following the ownership change.
The regulator saidExternal link it is “closely overseeing the change of ownership in coordination with national and international bodies,” but has withdrawn the services of a previously appointed investigating agent.
TradeXBank chair Christian Lüscher told Le Temps that bankrolling the trade of oil, gas and other commodities could prove a profitable business venture in future.
“Trade finance is an essential aspect of the Swiss financial centre, which has somewhat disappeared in recent years – even more so because of international sanctions. If we can restore strong financing of raw materials in Switzerland, it will be good for the bank, the Swiss financial centre and, indirectly, for several other branches of the economy – not to mention the retention and creation of jobs.”
Protein in abdominal fat could help shape obesity treatment
This content was published on
The study analysed fat cells from different locations in the body, and found that those in the abdomen have unique properties.
North African asylum claims fall after rapid Swiss processing
This content was published on
The accelerated procedure, now out of its test phase, has resulted in a significant drop in applications from North African countries.
This content was published on
The artist's song "The Code" focuses on their journey as a nonbinary individual. It is one of the favourites to win this year's contest.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
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.
Read more
More
Fate of Sberbank’s Swiss branch still hangs in balance
This content was published on
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.
Switzerland takes over EU sanctions on Russian gold
This content was published on
Switzerland, a major gold-refining hub, has followed the EU in banning Russian gold as part of new sanctions due to the war in Ukraine.
Finance watchdog orders ‘protective measures’ at Sberbank Switzerland
This content was published on
The Swiss financial regulator has ordered protective measures in anticipation of a risk of “liquidity problems” at the Zurich-based bank.
You can find an overview of ongoing debates with our journalists here . Please join us!
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.