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Gazprombank examines options for Swiss unit

·1-min read
FILE PHOTO: St. Petersburg International Economic Forum (SPIEF)

By Oliver Hirt

ZURICH (Reuters) - Russia's Gazprombank has decided to explore strategic options for its Swiss unit Gazprombank (Switzerland) Ltd, the Zurich-based institution said on Friday.

These options include a possible sale of all or parts of the company. "The Bank currently expects to conclude the strategic review process – including finding an investor if such option is pursued – by the end of the third quarter of 2022," a statement said.

Gazprombank Switzerland, which employs about 80 people, is mainly active in trade and export financing, including helping Swiss industrial groups finance exports to Eastern European countries.

It also finances the extraction, transport and processing of raw materials from Russia to Western Europe for commodity traders.

(Reporting by Oliver Hirt, Writing by Michael Shields, Editing by Paul Carrel)

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