Russian Gazprombank will get rid of foreign “daughter” – they are looking for an investor

Gazprombank is considering several “strategic” options for the development of its subsidiary in Switzerland, Gazprombank (Switzerland) Ltd.

As reported on the website of a foreign bank, this decision was made by their sole shareholder – JSC “Gazprombank”, located in Russia.

“The shareholder is exploring potential strategic options for the future of the Bank. These options include, but are not limited to, the potential divestiture of selected assets or the sale of the business as a whole”– noted in the Swiss “daughter” of Gazprombank.

By the end of the third quarter of 2022, it is planned to complete the process of strategic analysis and find an investor to whom the bank will be sold if such a decision is finally made.

A subsidiary of one of the main Russian banks in Switzerland works with corporate clients. Since October 2020, she has received permission from the government to oversee financial markets and conduct transactions with accounts of corporate and other clients in cryptocurrencies.

Since Russia launched a full-scale war in Ukraine, Gazprombank fell under Western sanctions, missing the opportunity to raise capital. In May, the chief managers of the financial institution also became sanctioned persons.

In June, the Swiss “daughter” decided to sell the Russian Sberbank – the operation is planned to be completed by mid-July. The bank’s subsidiary in Kazakhstan will also be sold.

At Alfa-Bank

Sberbank and Gazprombank will now join Russia’s Alfa-Bank, which was subject to economic restrictions at the end of April. Alfa-Bank is associated with a native of Ukraine, businessman Mikhail Fridman. Because of the sanctions, the “daughter” of this bank in the Netherlands – the Amsterdam Trade Bank (ATB) – declared itself bankrupt.

The bank noted that the UK and US sanctions “led to operational difficulties.” We are talking about the fact that it was difficult for most counterparties to support the bank. Consequently, on 22 April the Amsterdam District Court declared ATB bankrupt.

The financial institution served almost 23,000 clients, mostly Dutch and Germans. The state promises to reimburse ATB depositors up to 100 thousand euros each thanks to the Dutch deposit guarantee system.

According to preliminary information, the owner tried to sell ATB, but this turned out to be problematic. Other European banks were also reluctant to accept bank transfers for fear of sanctions.

Segodnya wrote earlier that Russian mercenaries fighting in Ukraine receive their salaries through Gazprombank, and also told why Gazprom’s shares plummeted to the bottom.