Sberbank Switzerland, part of one of the largest banks in Russia, is being sold while planning a name change.
Sberbank has been impacted by the sanctions applied to the Russian regime due to its unprovoked invasion of Ukraine. Sberbank is partly owned by the government and is controlled by a Putin acolyte.
The news of the sale was shared by the Swiss regulatory authorities – FINMA.
In a public statement, FINMA explained:
“The owners of Sberbank Switzerland AG are selling the institution to Geneva-based m3 Groupe Holding SA. The new owners will continue the bank’s operations, but under a new name. FINMA is closely overseeing the transaction and has temporarily lifted its protective measures at Sberbank (Switzerland) AG to enable the transaction to be executed. It is also being carried out with the consent of the authorities responsible for sanctions provisions.
Sberbank (Switzerland) AG is changing ownership. The Russian parent company of Sberbank (Switzerland) AG is selling its holding to Geneva-based m3 Groupe Holding SA. The Swiss and foreign authorities responsible for sanctions law had given their consent. FINMA is closely overseeing the change of ownership in coordination with national and international bodies.”
The ban on transactions and payments on Sberbank have been lifted as of today (September 2) and the entity has been allowed to settle its claims and payments from July 2022. FINMA adds this allowed the bank to significantly reduce its balance sheet.
The new name of the bank will be TradeXBank AG.
FINMA states that it will continue to monitor the bank closely and will terminate the investigating agent’s mandate in due course.