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Gazprombank to Discontinue Swiss Operations

Started by Epoch-Times-Bot, Oct 10, 2022, 12:30 PM

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Epoch-Times-Bot

Oct 10, 2022, 12:30 PM
Gazprombank to Discontinue Swiss Operations

ZURICH—Russia’s Gazprombank has decided to cease operating in Switzerland after “a strategic review of various options,” it said on Monday.
The bank had been one of the last remaining channels for financing trade flows between Russia and Switzerland because other major Russian banks are subject to sanctions over Russia’s invasion of Ukraine.
The Zurich-based bank, which was mainly involved in trade and export finance, decided to discontinue its operations in Switzerland after launching a review of its business in July, including a possible sale.
“The decision is the result of an in-depth strategy analysis and is being taken in close consultation with the Swiss Financial Market Supervisory Authority,” Gazprombank’s board chairman, Ivan Dun, said in a statement....

Source: Gazprombank to Discontinue Swiss Operations

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