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.
Macron will attend Swiss summit on Ukraine, says Zelensky
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French President Emmanuel Macron will attend the peace conference on Ukraine at the Swiss Bürgenstock resort next month, according to Volodymyr Zelensky.
Top politician tells ‘corrupt’ Eurovision to stay away from Bern
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A social media post by the president of Bern’s cantonal government critical of the Eurovision Song Contest has created waves and will be discussed in the cantonal parliament.
Swiss centre records over 200 victims of human trafficking
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Last year 317 people took part in a protection programme run by the Specialist Unit for Trafficking in Women and Women’s Migration (FIZ) in German-speaking Switzerland.
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The Geneva-based International Committee of the Red Cross (ICRC) and partners are opening a field hospital in southern Gaza on Tuesday.
Lack of smartphone sustainability in Switzerland hits environment
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Almost half of all Swiss citizens hang on to their old smartphones, tablets and laptops, according to the Federal Statistical Office.
Police clear out pro-Palestinian students protesting in Geneva
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The police intervened early on Tuesday to dislodge pro-Palestinian students who had been occupying the University of Geneva for almost a week.
New gel developed in Zurich renders alcohol harmless
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A newly developed gel composed of whey proteins breaks down alcohol in the body and could reduce its harmful and intoxicating effects in humans.
Pro-Palestine protests extend to Basel and Fribourg universities
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Demonstrators called for an academic boycott of all Israeli institutions and disassociation with Chaim Weizmann, the first Israeli president.
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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.