By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News, September 3, 2022
Targeted by Western sanctions, Sberbank (Сбербанк) is the largest bank in Russia. Photo credit : Swann Collins, Moscow, 2020.
Sberbank has closed a deal to sell its Swiss subsidiary to the investment group m3 Groupe Holding SA. This was reported by the press service of the Russian bank.
All shares of Sberbank Switzerland were sold to the Swiss company m3 Groupe Holding SA, which gained a majority stake. The organizer of the transaction is the founding partner of the international investment company “Monte Valle Partners”. Stephen P. Lynch will become a minority shareholder of the bank.
Lynch is the organizer of the transaction, its amount was not disclosed. Sber reported that the parties had received permission from all regulators.
“We hope that the new investors will continue to build on the bank’s successful commodity trade finance business for the benefit of all parties, including employees, customers and partners in the region. I would like to express my gratitude to the entire team of the bank, which in this difficult time effectively maintained the bank’s performance and fulfilled all obligations to our customers,” said Anatoly Popov, Deputy Chairman of the Board of Sberbank.
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The new name of the bank will be TradeXBank AG, it will continue to provide services in the finance and banking sector. In March this year, the Russian bank Sberbank announced a reduction in its presence in the European market. The organization then explained that the subsidiary banks of the group faced an abnormal outflow of money and a threat to the safety of employees.
Today, the holding Baiterek National Holding bought the entire state in the subsidiary bank of Sberbank group in Kazakhstan, reported a press release of Sber. The amount of the transaction was not disclosed, the media estimated it at $ 250-425 million. The deal received all the necessary regulatory approvals.
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© Copyright 2022 – Swann Collins, investor, writer and consultant in international affairs.